BloombergNEF's analyst Madeleine Brolly breaks down the the costs of charging your EV car at home or at a fast public charger and looks at where the cost of refueling with electricity is more expensive than pulling up to a petrol pump.

Berlin

A recent analysis by Bloomberg NEF highlights that the cost of charging electric vehicles (EVs) in Europe varies greatly depending on the method and location. Charging at home remains significantly cheaper than refueling with gasoline, with average savings of about 40% across Europe, and even greater savings available through dedicated EV tariffs during off-peak hours. 

However, the cost of using fast public chargers can exceed that of gasoline in several European countries. In the UK, fast public charging is about 80% more expensive than gasoline on average, making it the most costly market in Europe for this service. Conversely, countries like China and some Nordic markets offer lower charging costs, with increased EV adoption spurring competition and reducing prices. The industry faces challenges balancing the expansion of charging networks with current demand and revenue needs, contributing to higher prices in some regions.

EV fast charging more expensive than gasoline in Europe

So the impact of CATL then suspending activity at that major lithium mine will be felt most acutely of course in the EV car space, but the costs when it comes to charging your EV car at home or at least our fast public charger can fluctuate wildly, whether or not you charge it at home or at one of those fast chargers. There are countries where refueling with electricity is actually far more expensive, counter-intuitively of course, than pulling up to a petrol pump. To break this down further with me, let's bring in Bloomberg NEF analyst Madeleine Brolley. Madeleine, thanks for coming into the studio to talk us through the story, the analysis of course that you and the team have been pulling together on this. It does seem counter-intuitive, on a kind of simplistic level you would assume that it would be cheaper to charge your EV than to fill up at the pump. What is going, which is cheaper and where is that happening? Yeah absolutely, and the answer to this very much depends on where you're charging. So charging at home remains significantly cheaper than gasoline across much of the world. Just looking at standard electricity tariffs that people pay for your home across Europe, drivers see about a 40% saving compared to gasoline on average. And that's just on a standard tariff. Many are saving much more than that by using these dedicated EV charging tariffs. So these will lower your costs during an off-peak period and they actually lower it to under the equivalent of two cents per kilometre, which is about a fifth of the cost of gasoline in the UK for example. The challenge comes when you can't access a home charger and this is where we've seen the cost of fast charging in some markets become substantially more expensive than gasoline on average. So just looking across Europe we see about a 25% premium, but some markets it's much greater. So the UK has the most expensive fast public charging in Europe and it's about 80% more expensive than gasoline on average. Why doesn't it surprise me that the UK comes out top of the list in terms of higher costs, higher costs for EV charging, higher costs across the board it seems in the UK for a number of different things in which we purchase and have to spend money on it and EV charging is one of them. In terms of lower prices across globally, whether it's Europe or globally, which country is best positioned to offer you the prospect of really, really cheap EV charging? So China has very cheap charging both at home and in public. There are several European markets that are doing well on this front as well. One thing we've noticed actually is the price of fast charging in some Nordic markets, so Norway and Denmark, coming down and we think that's because the EV adoption has been strong and now demand is at a level where it can start to spur competition in the market. What about co-locating charging? What is co-locating? Because this is something that's being considered. You could have businesses, homes, you've got co-locating of charging. Is that something that's being worked through right now? Yeah, absolutely. So just taking the UK as an example for this, operators are facing some significant challenges. The grid fees that they pay for their sites have risen quite substantially, even just compared to a few years ago. What we've seen is that some businesses that have alternative forms of revenue, so thinking about maybe a supermarket, they've been able to keep their average prices somewhat lower than the national average. So fast charging dedicated operators have been really focused in the UK and other European markets in rolling out a robust, high-powered network that will suit the future needs of the EV fleet. The problem they've got is that they've got the demand of the EV fleet today. And so it's definitely a bit of a balancing act for the industry and how it manages that expansion with revenue generation today, and high prices are part of that. OK, Madeleine, thank you very much indeed. Really interesting analysis. And of course you can get more details on Bloomberg.com and of course on the terminal from Madeleine Brolley and the team at Bloomberg NEF.

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