Electricity prices vary around the world depending on factors like natural resources, government policies, and economic stability.

Some countries offer significantly cheaper electricity compared to others, potentially boosting their economies, encouraging industrial growth, and easing financial burdens on residents.

A report published by Insider Monkey has compiled a list of countries with the lowest electricity prices, based on the latest global petrol price data. The list includes :

Iran – Oil and gas-rich Iran offers the world’s cheapest electricity at $0.002 per kilowatt-hour (kWh). The energy sector is largely state-controlled, allowing the government to set prices without market influences. The government also provides substantial subsidies for electricity. Recently, Iran allocated 19% of its GDP to the energy sector.

Syria – Syria has the second lowest electricity price globally at $0.003 per kilowatt-hour (kWh). The energy sector is largely government-controlled, which allows for regulated pricing.The Syrian government has heavily subsidised electricity prices to enhance accessibility. However, this has strained the national budget, leading the government to start gradually reducing these subsidies to improve public finances.

Cuba – Currently, Cuba has the third cheapest electricity, costing $0.006 per kWh. Government subsidies help keep prices low.In recent years, the Cuban government has prioritized renewable energy, installing solar panels in thousands of homes and investing in wind energy. The goal is for renewable sources to account for 25% of the country’s energy by 2030

Sudan – Electricity in Sudan also costs $0.006 per kWh. The country’s state-controlled energy sector facilitates fixed pricing, supported by abundant oil and natural gas resources.Sudan is a net energy exporter, producing more energy than it consumes and not relying on imports for electricity generation.Sudan is believed to have significant hydropower potential due to its location along the Nile River.

Ethiopia – Ethiopia ranks fifth for the lowest electricity prices, at $0.007 per kWh. Like other countries on the list, the Ethiopian government provides substantial subsidies to make electricity more accessible to a broader population.Ethiopia has some oil and natural gas but is rich in renewable energy sources. The government has invested significantly in solar, wind, hydroelectric, and geothermal power.

The top five countries are listed above; the complete list follows below.