Energy price trends

Ireland has committed to developing metrics of energy cost competitiveness as outlined in the Government's White Paper on Ireland's Transition to a Low Carbon Energy Future 2015-2030. We have developed average electricity and natural gas prices for business and households. These are based on the EU Electricity and Gas Price Regulation statistics.

The graphs below show the average natural gas and electricity prices to business and households across all consumption bands in the Euro Area and the EU-27. They also show the weighted average across all bands in Ireland. Up to the first half of 2022, the weightings for the Euro Area and the EU-27 are based on band volumes in a majority of the countries last reported in 2014. From the second half of 2022, Eurostat began publishing weighted averages for the EU and Euro Area for the first time, and these are used since then.

The latest data available is shown above. The Temporary Business Energy Support Scheme (TBESS) was introduced in the second half of 2022 to support businesses with increases in their electricity or natural gas (energy) costs. The scheme is administered by Revenue, and as business prices in this report represent average supplier prices, TBESS rebates are not accounted for in the prices above.

The latest data is shown above. The Temporary Business Energy Support Scheme (TBESS) was introduced in the second half of 2022 to support businesses with increases in their electricity or natural gas (energy) costs. The scheme is administered by Revenue, and as business prices in this report represent average supplier prices, TBESS rebates are not accounted for in the prices above.

Note: Due to the recent increases in energy prices, Ireland introduced measures to alleviate the burden on final consumers. Domestic electricity customers, including pay as you go customers, have received credits on their bills of €1,250 as:

• four payments of €200 in April 2022, November 2022, January 2023 and March 2023.
• three credits of €150 in December 2023, January 2024 and March 2024.

In Budget 2025 two further credits of €125 were announced, to be paid in November 2024 and January 2025. These rebates are administered by electricity suppliers and are accounted for in the residential electricity prices for the relevant semester.

The latest data available is shown above. See EPR Price note above for further details.

Household natural gas prices tend to be higher over the summer and lower over winter. Natural gas prices can be broken down into the charge for quantity of gas used and fixed charges such as network costs. The network costs are applied evenly over the full year. This means that in summer the cost per unit of gas used is higher, as the fixed charge is the same but there are far fewer units of gas used.

For both commercial and household customers, electricity is the most expensive fuel, followed by oil. For commercial users, electricity and oil prices increased in the most recent quarter, while wood pellet and natural gas prices remained flat.