And there are considerable differences in electricity prices between regions. The highest prices persist in the European Union and Japan, well above those in the United States and China. That is due to higher fuel costs, higher capital costs, and renewables subsidy costs that are passed to consumers through the electricity price. Indeed, the IEA expect that by 2020, renewables subsidies will add 15% to residential electricity prices in the European Union. And looking forward, electricity prices are expected to increase across the world, by 15% on average, as costs rise.