Wholesale electricity cost about four times as much in Italy as in Alberta in 2025. Across the 20 largest economies, average day-ahead prices ran from roughly 3¢ to 13¢ per kWh, and the five most expensive markets in the table are all European. The figures below are each country’s 2025 average from the market operator, regulator, or the closest available source. The US-cent column is our conversion at rough 2025 exchange rates, so treat it as plus or minus 5%.
These numbers are useful for reference but not ready to publish. They mix very different measures. This is Claude’s work, not fact-checked and not for publication. I asked for this after a story about Australia getting five-cent US5¢ bids for solar plus batteries, and I wanted a rough comparison.
The rough takeaway: Europe is high. Asia runs lower than Europe. US markets differ by roughly 2x on energy alone, and more once capacity charges are added.
| Country | 2025 price (native currency) | ≈ US¢/kWh | Source |
|---|---|---|---|
| US (PJM only) | $50.73/MWh real-time load-weighted LMP; excludes capacity | 5.1 | PJM IMM |
| China (Guangdong only) | 0.380 yuan/kWh user-side settlement average; not a spot clearing price | 5.3 | Yangcheng Evening News |
| Germany | €89.32/MWh | 10.1 | Bundesnetzagentur |
| India | ₹3.86/kWh IEX day-ahead, fiscal year April 2025–March 2026 | 4.4 | Outlook Business |
| Japan | ¥11.74/kWh JEPX system price, October 2024–September 2025, ex-tax | 7.8 | METI EGC |
| UK | £80.63/MWh | 10.6 | Montel |
| France | €61.07/MWh | 6.9 | SMARD |
| Italy | €115.94/MWh (PUN Index) | 13.1 | GME annual report |
| Canada (Alberta only) | C$43.68/MWh | 3.1 | Alberta MSA |
| Brazil | R$223.46/MWh (PLD, Southeast) | 4.0 | Cemig financial statements |
| Russia | ₽2,152/MWh, first price zone, July 2025 only; energy only | ~2.7 | Rosseti market digest |
| Spain | €65.29/MWh | 7.4 | REE |
| Mexico | MX$880/MWh SIN day-ahead, January–October | 4.6 | El CEO, citing IMCO |
| South Korea | About ₩111/kWh (SMP) | 7.8 | Haezoom |
| Australia (NEM) | A$87/MWh in Q3, A$50/MWh in Q4 | 3.2–5.6 (H2 only) | AEMO, ecogeneration |
| Turkey | 2,607 TL/MWh ($66/MWh) | 6.6 | KAP filing |
| Netherlands | €86.81/MWh | 9.8 | SMARD |
| Switzerland | €101.69/MWh | 11.5 | SMARD |
| Saudi Arabia | Not yet sourced | — | — |
| Indonesia | Not yet sourced | — | — |
Poland sits at the edge of the top 20. Its 2025 average was €104.29/MWh, about 11.8¢, per SMARD.
What compares and what doesn’t
These are mostly day-ahead energy prices. Capacity payments, transmission, and taxes sit on top. Four rows stand in for a whole country with one market: PJM for the US, Guangdong for China, Alberta for Canada, and the eastern NEM for Australia. Periods differ too. India reports a fiscal year, Japan a rolling twelve months, Mexico ten months, Australia the second half, and Russia a single month that came right after a 21.3% gas price indexation, so its annual average is probably lower.
The weakest rows are Russia (one month), South Korea (a secondary source), and China (a settlement average that may not match a spot price). Conversions use €1 = $1.13, £1 = $1.32, and $1 = ¥150, ₹87, R$5.6, C$1.40, MX$19, ₩1,420, 7.2 yuan, and ₽80, with A$1 = $0.645.
PJM’s capacity charge
The PJM energy price leaves out capacity, which is no longer a rounding error. Per the market monitor, capacity was 15.6% of PJM’s total 2025 wholesale cost: $12.94 of $82.67/MWh, according to the 2025 State of the Market report. That calendar year includes five months before the 2025/26 auction prices took effect. From June 2025 onward, monthly capacity charges ran $16 to $22/MWh, per the monitor’s February 2026 report. In the first half of 2026 capacity was 17.1% of the total, according to its July 2026 report.
2026 is running hotter
All of this is 2025 data. Several markets have climbed since. Germany’s Q2 2026 day-ahead average was €95.21/MWh, up 36.5% year over year, per SMARD. India’s July 2026 day-ahead price was ₹4.99/kWh, up 19.3%, per SolarQuarter.
Edited and authored by Dave with close collaboration by Claude.