The evolution of electricity prices and the composition of renewable energy sources within the European Union (EU) are critical issues with significant economic and environmental implications. This thesis investigates the major factors influencing electricity price fluctuations and the role of renewable energy integration in this dynamic. The primary objective is to analyse the relationship between the share of renewable energy sources and the evolution of electricity prices with different independent variables (e.g. electrical combustion, gross domestic product (GDP), population, greenhouse gas emissions (GHG), etc.) in the EU from 2004 to 2022. Utilizing a combination of linear regression, power regression, and exponential regression models, this study examines multiple variables, including GDP, Electricity combustion, Population, GHG, Energy import and export. The data were sourced from Eurostat and other reliable databases, ensuring a robust and comprehensive analysis. The results are derived from output table of different regression models.