The average wholesale electricity price in July 2025 in Ireland is forecast to amount to******* euros per megawatt-hour. During the period in consideration, figures reached a record high in March 2022, at over *** euros per megawatt-hour.

Selection of several sources for Irish wholesale electricity prices 2010 - 2025

Electricity suppliers are responsible for delivering electricity to consumers, forming the final phase of the electricity supply chain. After it was opened to competition in 2005, the electricity supply market has displayed notable change in recent years, with efforts to promote competition threatening the market share of Ireland’s energy giants. At an industry level, Ireland’s energy efficiency drive has weighed on household electricity consumption, though growing demand from large energy users (LEUs) has maintained strong underlying electricity consumption. Electricity suppliers’ revenue is forecast to increase at a compound annual rate of 7.8% over the five years through 2025 to reach €7.3 billion. Following a decline during the pandemic, a rebound in global demand for fuels like oil and natural gas caused wholesale electricity prices to surge in 2021, leaving suppliers scrambling to increase tariffs. Russia’s invasion of Ukraine spurred a renewed rise in wholesale electricity prices in 2022, leading to widespread double-digit tariff increases throughout the year. Such price hikes caused a jump in revenue, though this wasn’t enough to offset the impact of wholesale price increases, with the industry operating at a loss over the two years through 2022. Wholesale electricity prices eased in 2023, though tariffs continued to edge up, facilitating a return to profitability. Further reductions in wholesale prices led to widespread tariff drops in 2024, though prices and revenue remained above pre-2022 levels. Ongoing volatility in global energy markets and increased network charges are set to limit the scope for tariff reductions in 2025. Still, revenue is forecast to fall by 6.5% during the year thanks to the impact of 2024 tariff reductions. Revenue is forecast to inch down at a compound annual rate of 1.7% over the five years through 2030 to €6.7 billion. Prices are likely to remain volatile in the medium term, owing to ongoing conflicts in the Middle East and Ukraine. Fuelled by a continued rise in electricity consumption from data centres, growing demand from LEUs should keep Ireland's energy giants on top of the market.

Ireland, Italy, and Germany had some of the highest household electricity prices worldwide, as of March 2025. At the time, Irish households were charged around 0.45 U.S. dollars per kilowatt-hour, while in Italy, the price stood at 0.43 U.S. dollars per kilowatt-hour. By comparison, in Russia, residents paid almost 10 times less. What is behind electricity prices? Electricity prices vary widely across the world and sometimes even within a country itself, depending on factors like infrastructure, geography, and politically determined taxes and levies. For example, in Denmark, Belgium, and Sweden, taxes constitute a significant portion of residential end-user electricity prices. Reliance on fossil fuel imports Meanwhile, thanks to their great crude oil and natural gas production output, countries like Iran, Qatar, and Russia enjoy some of the cheapest electricity prices in the world. Here, the average household pays less than 0.1 U.S. dollars per kilowatt-hour. In contrast, countries heavily reliant on fossil fuel imports for electricity generation are more vulnerable to market price fluctuations.

The electricity delivery process has experienced a major shift in recent years, driven by a push to reduce emissions. Governments across Europe are actively moving away from conventional sources of electricity generation, leading to a decline in the continent's dependency on fossil fuels. According to the International Energy Agency (IEA), renewables accounted for 41.7% of electricity generation in Europe in 2022, up from 32.9% in 2017. The rise of renewables has spurred an influx of renewable generators and necessitated increased investment in electricity networks. This has lifted revenue for transmission and distribution network operators. Revenue is forecast to rise at a compound annual rate of 8.7% over the five years through 2025, reaching €2.8 billion. Falling wholesale prices and a reduction in overall electricity consumption spurred a drop in revenue during the pandemic. Excess demand for natural gas as economies loosened pandemic-related restrictions spurred a strong rebound in wholesale electricity prices in 2021, translating to a jump in revenue. Wholesale prices recorded a renewed spike following Russia’s invasion of Ukraine, spurring a surge in revenue generated by electricity producers and suppliers. Renewable generators were able to rake in extra profit from electricity sold to wholesale markets at inflated prices, counterbalancing a significant rise in costs for fossil fuel generators and electricity suppliers. Wholesale prices have since come down as Europe has diversified its fuel mix away from Russian gas. Revenue is forecast to decline by 5.1% in the current year. Revenue is forecast to increase at a compound annual rate of 0.3% over the five years through 2030 to €2.9 billion. The revised Renewable Energy Directive of the EU has set a goal for 69% of electricity to be generated from renewables by 2030. Electricity generators will continue expanding their renewables capacity, while investment in upgrading the electricity network to accommodate the rapid shift to renewables will boost income for transmission and distribution network operators. Rising renewable electricity generation will place downward pressure on wholesale prices, though the electrification of heat and transport is set to spur an uptick in demand for electricity across the continent.

Electricity prices in Europe are expected to remain volatile through 2025, with Italy projected to have some of the highest rates among major European economies. This trend reflects the ongoing challenges in the energy sector, including the transition to renewable sources and the impact of geopolitical events on supply chains. Despite efforts to stabilize the market, prices in countries like Italy are forecast to reach ****** euros per megawatt hour by February 2025, indicating persistent pressure on consumers and businesses alike. Natural gas futures shaping electricity costs The electricity market's future trajectory is closely tied to natural gas prices, a key component in power generation. Dutch TTF gas futures, a benchmark for European natural gas prices, are projected to be ***** euros per megawatt hour in July 2025. The reduced output from the Groningen gas field and increased reliance on imports further complicate the pricing landscape, potentially contributing to higher electricity costs in countries like Italy. Regional disparities and global market influences While European electricity prices remain high, significant regional differences persist. For instance, natural gas prices in the United States are expected to be roughly one-third of those in Europe by March 2025, at **** U.S. dollars per million British thermal units. This stark contrast highlights the impact of domestic production capabilities on global natural gas prices. Europe's greater reliance on imports, particularly in the aftermath of geopolitical tensions and the shift away from Russian gas, continues to keep prices elevated compared to more self-sufficient markets. As a result, countries like Italy may face sustained pressure on electricity prices due to their position within the broader European energy market.

Ireland WPI: Energy Products: Electricity data was reported at 166.700 2000=100 in Mar 2010. This stayed constant from the previous number of 166.700 2000=100 for Feb 2010. Ireland WPI: Energy Products: Electricity data is updated monthly, averaging 144.800 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 194.100 2000=100 in Dec 2008 and a record low of 100.000 2000=100 in Sep 2001. Ireland WPI: Energy Products: Electricity data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

Ireland's energy mix has undergone significant change in recent years, moving away from fossil fuel generation towards the use of renewables. Nonetheless, natural gas remains the dominant fuel source, accounting for almost half of total electricity generation in 2022, followed by renewables (38.6%) and coal (7%). Electricity generators' revenue is forecast to swell at a compound annual rate of 6.9% over the five years through 2024 to €3.4 billion. The pandemic led to lower wholesale prices and reduced generation volumes in 2020, weighing on revenue. Wholesale prices rebounded in 2021, inflated by excess demand for key commodities after COVID-19 restrictions eased. Russia's invasion of Ukraine added extra impetus to soaring wholesale prices in 2022, with concern regarding the security of Russian gas supplies sending markets into panic. Wholesale prices have since eased, while the Irish government has capped excess revenues of non-gas generators. Revenue is set to dip by 18% in 2024. Revenue is slated to decline at a compound annual rate of 0.1% over the five years through 2029 to €3.4 billion. Prices will remain volatile in the medium term, but are likely to follow a downward trend as Europe reduces its dependence on Russian gas. Continued expansion of renewable generation capacity will place downward pressure on prices, while efforts to increase Ireland's energy security through proposed interconnectors and support for battery storage should reduce volatility. Despite efforts to increase energy efficiency among households and businesses, new energy needs from users of electric vehicles and data centres will ensure strong underlying demand for electricity.

Ireland WPI: Energy Products: excl Electricity data was reported at 173.800 2000=100 in Mar 2010. This records an increase from the previous number of 166.100 2000=100 for Feb 2010. Ireland WPI: Energy Products: excl Electricity data is updated monthly, averaging 113.100 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 207.700 2000=100 in Jul 2008 and a record low of 87.800 2000=100 in Jan 2002. Ireland WPI: Energy Products: excl Electricity data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

This dataset provides values for ELECTRICITY PRICE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

In 2024, Ireland recorded the highest electricity prices in the European Union for non-household consumers, with prices of 20.69 and 25.56 euro cents per kilowatt-hour for annual consumption levels of 20,000 to 70,000 megawatt-hours and 500 and 2,000 megawatt-hours, respectively. Finland recorded the lowest prices in the same period.

Ireland WPI: Energy data was reported at 166.300 2000=100 in Mar 2010. This records an increase from the previous number of 164.100 2000=100 for Feb 2010. Ireland WPI: Energy data is updated monthly, averaging 132.500 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 190.500 2000=100 in Aug 2008 and a record low of 96.000 2000=100 in Jan 2000. Ireland WPI: Energy data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

The Gas Utilities industry in Europe has been anything but steady recently. The Russia-Ukraine war has rocked the whole supply chain, with Russia tightening its gas supply, Europe hustling to cut its reliance on Russian gas and gas prices shooting up following the initial invasion. Amid unprecedented price increases and threats to the supply of gas into Europe, European governments have been forced to step in to support customers and protect energy supplies. All that aside, the industry remains threatened by a long-term decline in gas consumption and accelerating efforts to transition to renewable sources of energy. Revenue is forecast to climb at a compound annual rate of 1.4% over the five years through 2025, reaching €401.9 billion. This growth is almost solely attributable to a spike in revenue recorded during 2022, which followed a recovery from pandemic-induced lows during 2021, when prices and demand recovered as global economic activity rebounded. Russia’s invasion of Ukraine kicked off a period of significant disruption in energy markets, with a surge in gas prices leading to record revenue and profitability for gas manufacturers while causing substantial losses for gas suppliers. Wholesale prices have eased from record highs as European governments have reduced reliance on Russian gas. At the same time, a drop in demand for gas has also contributed to a revenue contraction since the height of the energy crisis. Revenue is set to decline by 3.9% in 2025. Revenue is forecast to increase at a compound annual rate of 1% to €422.2 billion over the five years through 2030. European markets are set to pursue a green revolution in the coming years, with investment in renewable energy sources gathering pace as European governments strive towards emissions reduction targets. Investment in green alternatives to natural gas is likely to lead to a fall in demand, with plans set out by the European Commission to at least triple solar thermal capacity by 2030, displacing the consumption of nine billion cubic metres of gas annually. Gas prices are set to continue to stabilise in the short term, before falling rapidly as renewable generation capacity rises.

Wholesale Price Index (Excl VAT) (Base 2010=100) by Type of Energy, Statistic and Month

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Gas suppliers are responsible for delivering gas to households and businesses. Since being opened to competition in 2007, a number of new suppliers have entered Ireland gas retail market. The industry was fully deregulated for all customers in 2014, with the Commission for Regulation of Utilities directing efforts towards promoting competition in the market since then. Growing use of price comparison websites and increased switching rates have chipped away at the dominance of Ireland's energy giants, though the market remains highly concentrated with a handful of suppliers accounting for the majority of customers. Revenue is forecast to climb at a compound annual rate of 10% over the five years through 2024 to reach €1.8 billion. Reductions in wholesale prices led to a revenue contraction in 2019. This was followed by further tariff reductions in 2020, as the pandemic led to reduced demand for gas, both in Ireland and globally. Wholesale prices soared in the following year, as the easing of pandemic-related restrictions led to excess demand for natural gas. Russia's invasion of Ukraine spurred a renewed surge in wholesale prices in 2022, leading to a further wave of tariff increases among suppliers. Despite supporting massive revenue growth, extraordinary volatility meant that tariff increases were rarely sufficient in covering the full extent of wholesale price increases, leading to widespread losses. Tariffs remained high for most of 2023, fuelling further revenue growth, though falling wholesale prices spurred a return to profitability. Tumbling wholesale prices have spurred widespread tariff reductions since late-2023, contributing to an anticipated 15.4% drop in revenue in the current year. Over the next five years, industry revenue is forecast to dip at a compound annual rate of 1.2% to €1.7 billion in 2029. Despite remaining elevated in the short-term, wholesale gas prices should stabilise in the mid-part of the period, spurring tariff reductions among industry operators. As households and businesses seek to become more energy efficient, per capita demand for gas is likely to ease, with major gas consumers becoming increasingly important. Efforts to increase the share of heating sourced from renewables also presents a threat to gas suppliers.

Ireland WPI: Energy Products: Petrol data was reported at 167.200 2000=100 in Mar 2010. This records an increase from the previous number of 159.900 2000=100 for Feb 2010. Ireland WPI: Energy Products: Petrol data is updated monthly, averaging 118.900 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 168.000 2000=100 in Jul 2008 and a record low of 89.500 2000=100 in Nov 2001. Ireland WPI: Energy Products: Petrol data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

Ireland WPI: Intermediate Industries excl Energy data was reported at 89.200 2000=100 in Mar 2010. This records a decrease from the previous number of 89.400 2000=100 for Feb 2010. Ireland WPI: Intermediate Industries excl Energy data is updated monthly, averaging 94.300 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 105.800 2000=100 in Feb 2002 and a record low of 86.500 2000=100 in Nov 2009. Ireland WPI: Intermediate Industries excl Energy data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

Ireland WPI: Energy Products: Fuel Oil data was reported at 191.300 2000=100 in Mar 2010. This records an increase from the previous number of 183.500 2000=100 for Feb 2010. Ireland WPI: Energy Products: Fuel Oil data is updated monthly, averaging 116.000 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 231.100 2000=100 in Jul 2008 and a record low of 89.800 2000=100 in Jan 2000. Ireland WPI: Energy Products: Fuel Oil data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

Ireland WPI: Energy Products: Autodiesel data was reported at 158.300 2000=100 in Mar 2010. This records an increase from the previous number of 151.800 2000=100 for Feb 2010. Ireland WPI: Energy Products: Autodiesel data is updated monthly, averaging 120.300 2000=100 from Jan 2000 (Median) to Mar 2010, with 123 observations. The data reached an all-time high of 186.100 2000=100 in Jul 2008 and a record low of 85.600 2000=100 in Nov 2001. Ireland WPI: Energy Products: Autodiesel data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I018: Wholesale Price Index: 2000=100.

WPI: Energy Products: Petroleum Fuels data was reported at 104.700 2010=100 in Jan 2018. This records an increase from the previous number of 102.300 2010=100 for Dec 2017. WPI: Energy Products: Petroleum Fuels data is updated monthly, averaging 104.500 2010=100 from Jan 2010 (Median) to Jan 2018, with 97 observations. The data reached an all-time high of 122.800 2010=100 in Sep 2012 and a record low of 84.300 2010=100 in Feb 2016. WPI: Energy Products: Petroleum Fuels data remains active status in CEIC and is reported by Central Statistics Office of Ireland. The data is categorized under Global Database’s Ireland – Table IE.I016: Wholesale Price Index: 2010=100. Rebased from 2010=100 to 2015=100 Replacement series ID: 401394467