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19 May 2022

Cost of electricity in Ireland is fourth highest in Europe

Cost of electricity in Ireland is fourth highest in Europe

Ireland has the fourth highest cost for electricity in the EU, latest figures show. 

Eurostat has released figures on energy prices across Europe which show that electricity prices in Ireland are 26% above the EU average, and are the fourth highest in Europe. 

Only three countries - Germany, Denmark and Belgium have higher charges. 

It is estimated the average household in Ireland is now paying over €254 extra a year for their electricity compared to the EU average. 

Darragh Cassidy of Bonkers.ie said: "Nothing's ever really cheap in Ireland. Whether it's food, drink, transport or rent, the price of everything here seems to be above the EU average. And according to the latest figures from Eurostat, the EU's statistical agency, we can add electricity to the list too!"

Prices are lowest in Hungary (10.01 cent), Bulgaria (10.91 cent) and Croatia (13.13 cent).

Electricity prices rose in 25 EU member states in the second half of 2021, compared with the second half of 2020. The largest increase was seen in Estonia, where prices rose by 50%, followed by Sweden (+49%) and Cyprus (+36%). 

Slovakia (-6%) and Hungary (-0.1%) were the only countries to see prices fall. However prices in both these countries are regulated.  

The Eurostat report notes the price of energy in the EU depends on a range of different supply and demand conditions, including the geopolitical situation, the national energy mix, import diversification, network costs, environmental protection costs, severe weather conditions, or levels of excise and taxation.

Overall, electricity prices have risen by just over 11% across the entire EU over the past year and are up 41% compared to 2008 and are now at record levels.

The figures would have been compiled  before the war in Ukraine broke out and before many suppliers increased their prices again at the start of 2022. They 

The same report showed Ireland has the eighth most expensive gas in the EU, but are more in line with the EU average, at 7.82 cent per kWh.

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