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High Electricity Prices Make EV Sentiment Wobbly

Energy prices will remain at a high level in 2022, giving consumers a reason to think about whether they should still turn on the heating or not. The fact is that energy prices have risen significantly in almost all parts of the world. In Europe, which according to its own statements wants to be the pioneer of the Green Renaissance, energy prices have almost tripled since 2021. Whether coal, gas, or crude oil all energy sources have made large price leaps.

The governments that have put tackling climate change on their agenda are big supporters of electric vehicles and are trying to push them into the market with generous subsidies. What initially sounds trendy and lucrative for buyers can later have a rude awakening when they look at the charging costs.

Late last year, one of the largest charging providers in the UK, BP Pulse, had to raise charging prices significantly. According to its own information, the company has to raise charging prices by almost 50% from 23p to 32p per kWh for standard charging due to the high cost of electricity. For fast charging (150kW) the prices will be up to 50p per kWh.

Charging prices are also rising significantly in Germany. The price at the charging point in Germany can now be up to 0.79 euros per kWh. The reason for this is the same as in other countries, and that is rising energy prices.

Fastned Germany, a charging provider for EVs, commented as follows on the price increase for its customers,

“We don’t like to do that. We will review this price structure again if the situation changes.

Price increases for EV charging are now coming from all providers and will likely increase even more as energy costs rise. Especially in Europe, this may get even worse, looking at the situation in Ukraine with Russia. Russia is the main supplier for energy carriers in Europe. If the conflict escalates, the lights could soon go out in Europe. This will also have a negative impact on the EV industry.

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