Bermuda leads world in cost of electricity
This may not be electrifying news to island residents, but Bermuda has been found to be the most expensive place in the world to run appliances.
Research by William Russell, the UK-based insurer, looked at the cost of operating electric appliances to reveal the most expensive countries in which to run a home – and showed that we pay 41.2 cents per kilowatt hour of power.
That tops second-placed Denmark, which pays the equivalent of 39 cents per kilowatt hour.
The top 10 is completed, in order, by Cayman Islands (34.8), Germany (33.8), The Netherlands (33.5), the UK (32.5), Spain (32.3), Belgium (31.9), Barbados (30.6), and Ireland (29.1).
William Russell said: “Bermuda and Cayman Islands are island nations and Denmark is on the Jutland Peninsula and has several islands in the Baltic Sea. Electricity generation tends to be more difficult among island nations.”
The study revealed that a number of factors, most notably Russia cutting supplies of gas to Europe, have driven up costs in some jurisdictions.
It said other considerations include the rebound in worldwide demand for electricity following Covid, as well as the impact of the collapse of 31 energy suppliers.
The study added: “The three cheapest countries in terms of the average cost of one kWh are Sudan, Libya, and Lebanon.
“Relying on hydro power for about 50 per cent of their electricity supply, Sudan is also investing in solar energy. The urban areas of the country get state-subsidised energy, while up to 50 per cent of the country remains unelectrified.
“Libya's energy rates are significantly subsidised by the state, and the nation is completely self-sufficient in power due to its abundant oil reserves and developing renewable energy initiatives.”
The research showed that bingeing on Netflix, or even satisfying a nightly Jeopardy! fix, has a price as watching 10.7 hours of television a month costs a Bermuda resident $4.41.
For tea lovers, boiling the kettle for 24 hours a month costs $9.89.
Running a washing machine for 36 hours costs $14.83 monthly, while operating a games console for 21.6 hours costs $8.90, spending 4.2 hours on a laptop computer costs $1.73, and spending two hours straightening your hair costs $1.01.