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As of late 2023, a kWh of electricity in Ireland cost €0.4590 making it one of the most expensive countries in Europe for electricity. The average cost of electricity in the EU for the second half of 2023 was around €0.2226 per kWh. Since 2020, there has been a significant increase in the cost of energy across the EU. You can read about what has led to this increase, and why electricity prices are so high in Ireland.
Selectra brings you everything you need to know about electricity prices in Ireland:
According to the latest Eurostat figures, electricity prices in Ireland by the end of 2023 were the among the highest in Europe.
Irish electricity customers were paying €0.4590 per kWh, well above the EU average of €0.2226 per kWh.
Countries such as Poland had some of the lowest electricity prices at €0.1164/kWh.
Here’s a break-down of the EU 27 nations according to their electricity prices:
Source: Eurostat
Last Updated: July 2024
Compared to the start of 2023, electricity prices in Ireland have increased by 2% from €0.4514/kWh to €0.4590/kWh.
Over the past 12 years, electricity prices in Ireland have almost tripled.
In the following table, we break down the electricity price in Ireland over the past 12 years in five-year increments. Calculations are based on an average consumption of 4,200 kWh of electricity per year. All taxes, levies, and VAT have been included:
| Time Period | Electricity Price | Estimated Annual Spend |
|---|---|---|
| Late 2023 | €0.4590/kWh | €2,308.58 |
| Early 2023 | €0.4511/kWh | €2,263.31 |
| Late 2022 | €0.3718/kWh | €1,561.56 |
| Late 2021 | €0.2420/kWh | €1,016.40 |
| Late 2020 | €0.2179/kWh | €915.18 |
| Late 2015 | €0.2454/kWh | €1,030.68 |
| Late 2010 | €0.1874/kWh | €787.08 |
Source: Eurostat
Last Updated: 01/07/2024
As you can see from the table above, Irish customers are paying almost triple, more than they were 12 years ago! Hopefully in the near future, a lot of this will be offset by the completion of the Celtic Interconnector Project, which will diversify Ireland’s energy acquisition options.
Selectra's Tip To Save Money on Electricity Bills
"Prices are still high but the best way to save money on your electricity bills is to rememeber to switch providers every 12 months. Energy providers often offer attractive discounts and cashbacks to encourage new customers to sign up. If you switch every 12 months, you are guaranteed to get the best deal on the market and make sure that you're not overpaying for your electricity"
While there is not yet data available for 2024, energy providers have begun to slightly lower thier rates indicating that there will be future price reductions in Ireland.
There have been a number of reasons for the fall in prices, but the majority of the decline can be attributed to both lower demand and more gas suppliers entering the market.
Average Electricity Bill 2024
As of July 2024, the average annual electricity bill in Ireland for a standard, 24hr meter is €1,374. This price is based on an average consumption of 4,200 kWh and includes standing charges, PSO levy and VAT.
Although gas prices have been declining, because of the way suppliers purchase energy, we're unlikely to see this decline on our bills for a while.
Most energy suppliers will buy their gas 6 months in advance and usually pay a higher predicted price for the gas than at the moment.
Due to this, it takes a little while for the retail gas prices to come down since suppliers still need to be compensated for buying high.
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It seems odd that two different sources of energy would affect the overall electricity price in Ireland, however the reason is down to a pricing mechanism called marginal pricing. This is essential for understanding the energy market.
What marginal pricing means is that the price of electricity is always priced to the most expensive energy source that is needed to satisfy the demand. For example, if the demand is low and renewables are sufficient, then the price of electricity is also low.
However, if the demand is high then more expensive sources are needed to satisfy demand and therefore the price is set at that more expensive price.
Currently, demand is very high, and we are reliant on gas-fired power stations in order to satisfy demand. As well as this, the price of gas is currently the most expensive, since natural gas is also competing against itself in different markets.
Therefore, this also sets the price for the rest of the electricity market. Here’s a graph to show how marginal pricing works:
In Ireland, despite all the government’s best efforts to increase renewable energy sources like solar panels and wind energy (such as with solar panel grants), according to the latest Commission for Regulation of Utilities (CRU) statistics, 34.2% of the electricity produced in Ireland is from natural gas.
Consequently, any change in the price of gas in Europe will have a direct impact on the cost of electricity in Ireland.
The chart below to see the latest statistics on electricity sources in Ireland as per a report published by the Environmental Protection Agency.
Source: EPA
Last Updated: 01/07/2024
As of July 2024, the average annual electricity bill in Ireland for a standard, 24hr meter is €1,374.
Ireland still has some of the most expensive electricity in the EU but with the wholsesale price of gas expected to fall this year, further price decreases may be on the horizon.
The current tariffs, along with the average electricity bill, are listed here:
| Supplier | Best Offer | Estimated Annual Bill | |
|---|---|---|---|
.png){kind=logo} Contact Details | Fixed Discount | €1,229.99 | |
.png){kind=logo} Contact Details | 22% on Standard Electricity | €1,239.86 | |
.png){kind=logo} Contact Details | Subscribe Now for 37% off Electricity | €1,244.24 | |
.png){kind=logo} Contact Details | 33% on Standard Electricity | €1,245.75 | |
.png){kind=logo} Contact Details | 28% on Standard Electricity | €1,249.38 | |
.png){kind=logo} Contact Details | Fixed Offer | €1,273.32 | |
Average Annual Electricity Bill in Ireland: €1,359 | |||
.png){kind=logo} Contact Details | 25% on Standard Electricity | €1,432.22 | |
.png){kind=logo} Contact Details | No Discount | €1,448.22 | |
.png){kind=logo} Contact Details | No Discount | €1,835.81 | |
.png){kind=logo} Contact Details | No Discount | €2,001.73 | |
*Figures are for illustrative purposes only. Calculations based on average consumption figures for an urban home with a PAYG meter. All discounts and cashback have been applied.
Last updated: July 2024
While little can be done about the price of energy, there are steps both the individual, and the government can take to help wase the pressure of increasing energy bills.
Consumers can also take action to reduce their electricity bills on an individual basis. Even small changes in your energy habits will help keep your costs low and make your cost of living a lot easier. The first things customers can do is to ensure the following:
If you have a bigger budget and would prefer to have a larger impact on your energy consumption, you should explore the following suggestions:
If any of these large renovation projects interest you, be sure to look at the latest SEAI Grants for ideas on what you can do this year to lower your energy use. Every little action will count in helping you survive as the cost of electricity in Ireland continues to spiral out of control.
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In order to try and tackle the rising cost of energy for homeowners, the Irish government has introduced a number of measures to try and reduce the cost of home energy.
Since 2022, the government has lowered the PSO levy to €0.00 along with lowering the rate of VAT on fossil fuels from the standard rate of 23% to the reduced rate at 13.5%.
The lower rate of VAT is set to continue until October 2024 while the reduced PSO levy may or may not be increased in this years budget.
In addition, the government has also committed to increasing the quantity of SEAI Grants. All these efforts to help soften the blow that the cost of electricity has had on Irish consumers’ bank accounts.
2021 saw a rapid rise of electricity prices in Ireland and indeed the rest of the world. This was due to many unprecedented events that have been occurring since 2020 and the post-pandemic uncertainty has pushed electricity prices up and up.
This was mostly caused by the astronomical increase in the wholesale price of gas, and there are many factors that have contributed.
When COIVD-19 hit Europe and Ireland, supply chains across all sectors and industries experienced disruption. This disruption was due to national lockdowns, tighter border controls, and social distancing rules that made it more difficult for suppliers to get goods and services to where they needed to go.
As a consequence, this led to rising inflation and the price of gas increasing rapidly.
In 2020, Europe experienced a particularly cold winter that meant an increased demand for gas to heat home. Usually, Europe keeps reserves of gas stored up for such events so that customers can have gas supplied to their homes, and that prices remain relatively stable.
However, Europe did not sufficiently restock these shortage facilities during the summer, and we're left with a shortage of gas for the winter months of 2021. As a result, the shortage has made us more reliant on imports from Russia.
The war in Ukraine has had a significant impact on the gas price throughout the whole of Europe. The energy crisis began originally with problems over gas supplies from Russia-owned Gazprom to Europe in the dispute over the Nord Stream 2 pipeline. Gazprom lowered the supplies, causing an artificial shortage of gas in Europe, leading to a price increase.
When Russia invaded Ukraine in February 2022, gas prices shot up and problems with supply continued to lead to an increase in price.
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