Energy Cost Monitoring
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Last Update：2025-10-15

ECM

The ECM provides a high-frequency indicator — Real Unit Energy Cost (RUEC) and Real Price Level Index for energy (Real PLI) — to measure and compare real energy cost differentials across nine countries: four in Asia (China, India, Japan, and Korea), and four in Europe (France, Germany, Italy, and the UK), and the U.S. The ECM also releases the EITE (Energy-Intensive Trade-Exposed) Output Index.

ECM Brief ECM Database Supplementary Note

Highlights from ECM202509

  • Real PLIs indicate that the real energy price differentials against the U.S. have widened by 15-24% compared with 2015–2019 average.
  • While energy prices have declined from their peak, they continue to hover around 20% to 80% above the 2015 level.
  • Except for India and China, EITE output remains sluggish, down by about 7% to 35% from 2015 levels.

Real PLI (Real Price Level Index for Energy)

Unit: Index (U.S.=1.0 in each period). Period: Q1 2015–Q2 2025. Notes: The prices are seasonally adjusted and include taxes and subsidies.

Real PLI Matrix

Unit: Bilateral ratios, reference country = 1.0. Notes: For each cell, the upper figure refers to Q2 2025, the lower figure to the pre-pandemic average (2015–2019), and the value in parentheses shows the log-growth from the pre-pandemic average, computed to preserve transitivity in bilateral comparisons. Cells in blue indicate a relative narrowing of the gap of the comparison country vis-à-vis the reference country, whereas cells in red indicate a widening.