Last Update:2025-11-01

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.

Highlights from ECM202510

  • Real PLIs indicate that the real energy price differentials against the U.S. have widened by 11-24% 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 6% to 23% from 2015 levels.

About ECM

First released in March 2024, the ECM has conducted cross-country estimations of energy costs to assess real energy cost competitiveness among major economies. It provides two high-frequency indicators — the Real Unit Energy Cost (RUEC) and the Real Price Level Index for energy (Real PLI) — designed to 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 U.S.. These indicators are published as preliminary estimates, with a reporting lag of approximately two to three months. In June 2024, the ECM also released the EITE (Energy-Intensive Trade-Exposed) Output Index. The scope of the ECM will be progressively expanded to include additional Asian economies in future releases.

While the ECM methodology has evolved over time and continues to be refined, the RCGW Discussion Paper presented here outlines the methodological framework adopted in earlier editions of the ECM (up to ECM_202502).
  • 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.

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.

Archive

Archive (PDF & Excel)

  • ECM_202510 (2025-11-01) PDF Excel
  • 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
Show archives
  • 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