Energy Cost Monitoring
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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

About ECM

Launched in 2022 with Japan as the initial focus, the Energy Cost Monitoring (ECM) project conducts cross-country estimations of sectoral energy costs to assess real energy cost competitiveness among major economies. The ECM provides two high-frequency indicators—the Real Unit Energy Cost (RUEC) and the Real Price Level Index for energy (Real PLI)—which measure and compare real energy cost differentials across nine economies: four in Asia (China, India, Japan, and Korea), four in Europe (France, Germany, Italy, and the UK), and the United States. These indicators are compiled on a monthly basis and released as preliminary estimates with a reporting lag of approximately two to three months. In addition, the ECM produces the Energy-Intensive Trade-Exposed (EITE) Output Index, constructed as a monthly translog aggregate of major energy-intensive manufacturing sectors. The scope of the ECM has expanded over time and will continue to be broadened in future releases, including coverage of additional Asian economies.
  • Nomura, Koji and Sho Inaba (2026) "Measuring Real Energy Price Gaps: The Real PLI Framework for Competitiveness Monitoring," Sustainability, Volume 18, Article 84.
  • Nomura, Koji and Sho Inaba (2024) "Post-Pandemic Surges of Real Unit Energy Costs in Eight Industrialized Countries," RCGW Discussion Paper, No.70, Research Center on Global Warming, Development Bank of Japan, March.
Further information, please contact us at multilateralecm@gmail.com.

Revision History of ECM

Copyright Notice

The copyright for all materials published in ECM belongs to Nomura Lab, Keio Economic Observatory, Keio University. However, they may be freely printed, reproduced, cited, reprinted, or used for secondary purposes, provided that the source is attributed as "Energy Cost Monitoring (ECM), Nomura Lab, Keio Economic Observatory, Keio University." No formal application is required, but we would appreciate it if you could contact us at multilateralecm@gmail.com.

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Archive (PDF & Excel)

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  • ECM_202509 (2025-10-15) PDF Excel
  • ECM_202508 (2025-09-06) PDF
  • ECM_202507 (2025-08-02) PDF
  • ECM_202506 (2025-07-05) PDF
  • ECM_202505 (2025-05-31) PDF
  • ECM_202504 (2025-05-03) PDF
  • ECM_202503 (2025-04-07) PDF
  • ECM_202502 (2025-03-04) PDF
  • ECM_202501 (2025-02-01) PDF
  • ECM_202412 (2024-12-30) PDF
  • ECM_202411 (2024-12-08) PDF
  • ECM_202410 (2024-11-05) PDF
  • ECM_202409 (2024-10-08) PDF
  • ECM_202408 (2024-08-31) PDF
  • ECM_202407 (2024-08-03) PDF
  • ECM_202406 (2024-07-24) PDF
  • ECM_202405 (2024-06-03) PDF
  • ECM_202404 (2024-05-04) PDF
  • ECM_202403 (2024-03-27) PDF