Irish Energy Prices Drop by More than 60 Percent Year on Year

Energy prices in Ireland have more than halved in the past year according to new figures from the Central Statistics Office (CSO).

Wholesale electricity prices in July had dropped by 64 percent compared to the same time last year. Meanwhile, prices were 18 percent lower than they had been in June of this year. 

Despite this, Ireland still has the highest household electricity bills of any EU country, according to the latest Household Energy Price Index. Households in Ireland are paying over 80 percent higher than the European Union average of 26.34c per kilowatt per hour.

In a recent survey 96 percent of AmCham members said that certainty surrounding energy costs and supply was important to maintaining FDI employment in Ireland.

It comes as Ireland has ranked as the 8^th most improved among the 38 OECD countries on increasing renewable energy supply from 2010-2020.

According to new research, the State has grown renewable sources from 4.66 percent to 14.10 percent over the decade, a 9.45 percent rise.

The top performer among the OECD counties is Iceland, where 89.47 percent of the country’s energy comes from climate friendly power like hydroelectricity and geothermal.

Ireland’s aims to reach 80 percent renewable electricity generation by 2030.

In AmCham’s 2024 Pre-Budget Submission 'Building An Impactful Ireland For 2050 and Beyond' AmCham highlights the need for urgent acceleration and expansion of the investment in the energy grid to cater for both current and future investment and growth.

To engage with AmCham on topics related to energy, please contact Ellen McGrath, Senior Public Affairs and Advocacy Executive, at e.mcgrath@amcham.ie.