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CHF180 per home: Swiss electricity prices set to spike by 20 percent

Inflation and the war in Ukraine look set to result in a 20 percent spike from 2023, according to the Association for Swiss Energy Companies (VSE).

Electricity prices are set to rise in Switzerland. Photo by Anthony Indraus on Unsplash
Electricity prices are set to rise in Switzerland. Photo by Anthony Indraus on Unsplash

The VSE expects that at least half of electricity suppliers will raise their prices by 20 percent or more from 2023. 

As a result, the cost of electricity looks set to rise by CHF180 for the average Swiss household. 

Electricity companies are passing on the increased costs of producing power, which come primarily as a consequence of the war in Ukraine. 

Henrique Schneider from the Swiss Trade Association told SRF “The trade is already suffering from higher procurement costs for raw materials and materials. You can’t expect customers to have to pay 20 percent more for electricity.”

The reason that prices will not spike immediately is due to Switzerland’s complicated price regulation system for electricity. 

Swiss electricity market regulator Elcom must approve the tariff increases in order for them to take effect. 

Elcom will make a decision in autumn as to whether to allow the tariff increases or to send them back to the providers. 

Prices of a range of items are on the rise in Switzerland due to a variety of factors, including the continued impact of the Covid pandemic, inflation and the war in Ukraine. 

These articles published in The Local list a number of common purchases and services where prices have risen and are expected to increase even more.

Oil, bikes and furniture: The products you’re going to pay a lot more for in Switzerland

Seven products that are becoming more expensive in Switzerland

EXPLAINED: How inflation is increasing housing costs in Switzerland

How Covid, inflation and the Ukraine invasion has made Switzerland more expensive

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Ukraine and allies lay foundations for reconstruction at Swiss conference

Allies of Ukraine meeting in Switzerland were due Tuesday to adopt a declaration spelling out the principles and priorities of rebuilding the war-shattered country, estimated to cost at least $750 billion.

Ukraine and allies lay foundations for reconstruction at Swiss conference

Leaders from dozens of countries, international organisations and businesses have been meeting in the southern Swiss city of Lugano under tight security since Monday, discussing the best path forward for reconstruction, even as Russia’s war continues to rage in Ukraine.

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Speaking on the first day of the Ukraine Recovery Conference, Ukrainian President Volodymyr Zelensky and a long line of government ministers described the massive destruction caused by Russia’s February 24 invasion.

“Reconstruction of Ukraine is not a local task of a single nation,” Zelensky said via video message. “It is a common task of the whole democratic world,” he said.

Prime Minister Denys Shmyhal said the recovery “is already estimated at $750 billion”. “The key source of recovery should be the confiscated assets of Russia and Russian oligarchs,” he said.

“The Russian authorities unleashed this bloody war. They caused this massive destruction, and they should be held accountable for it”.

READ MORE: Switzerland extends sanctions against Russia over Ukraine invasion

The conference, which had been planned before the invasion, had originally been slated to discuss reforms in Ukraine before being repurposed to focus on recovery.

Shmyhal laid out the government’s phased reconstruction plan, focused first on the immediate needs of those affected by the war, followed by the financing of thousands of longer-term reconstruction projects aimed at making Ukraine European, green and digital.

Those priorities are expected to be reflected in a final Lugano Declaration setting out the general principles defining a framework for rebuilding Ukraine, which should be adopted when the conference wraps up around midday Tuesday.

As billions of dollars in aid flow into Ukraine, lingering concerns about widespread corruption in the country mean far-reaching reforms will also be seen as a condition for any recovery plan decided.

The former Soviet state has long been ranked among the world’s most corrupt countries by Transparency International.

In Europe, only Russia and Azerbaijan ranked worse.

The Ukrainians have proposed that allied countries “adopt” specific regions of Ukraine, and lead the recovery there to render it more efficient. Britain has proposed taking on the Kyiv region, while a diplomatic source said France would concentrate on the heavily-hit Chernihiv region.

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In all, around 1,000 people are attending the conference, including European Commission President Ursula von der Leyen, who let out an enthusiastic “Slava Ukraini” (glory to Ukraine) after insisting on the importance of rebuilding a Ukraine better than before the war.