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Ireland now has highest electricity prices in EU, new figures show

Electricity prices in Ireland are almost 40 per cent above the EU average

[Electricity prices are costly in Ireland]

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Electricity prices are costly in Ireland

Electricity prices in Ireland are now the highest in the European Union, new figures have shown.

According to data released from EU statistical agency Eurostat, electricity prices are also higher in Ireland than in non-EU countries Iceland and Norway.

At 40.42 cent per kilowatt-hour (including VAT and levies) prices here are almost 40 percent above the EU average of 28.96 cent. However, when looking at the net cost of electricity before government taxes and levies have been added on the difference is even higher.

This means the average household in Ireland is paying around 480 a year more for its electricity compared to the EU average.

Germany, which has been struggling with higher energy prices since it decided to phase out its use of nuclear energy, has the second-highest electricity prices in the EU (38.69 cent) followed by Belgium (34.99 cent).

Electricity prices are lowest in Hungary (10.82 cent), Malta (12.82 cent) and Bulgaria (13.55 cent). The same report shows that gas prices are the eighth highest in the EU at just over eight per cent below the EU average.

Daragh Cassidy, Head of Communications at Bonkers.ie, said: "Irish households have been paying electricity prices that are well above the EU average for years. So these latest figures from Eurostat arent surprising unfortunately.

[The difference means households pay an extra 480 a year on average]

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The difference means households pay an extra 480 a year on average(Image: Getty)

"The reasons we pay so much more are complex. Weve a relatively small and dispersed population with a lot of one-off housing, so the costs for the upkeep of our electricity network are very high on a per capita basis.

"The rapid growth of the population and the increase in the number of data centres operating here in recent years also hasn't helped. This is putting pressure on the grid. And in recent years weve had to procure high-cost, emergency gas generation to plug the gap between electricity demand and supply.

"We also still rely on gas to generate over 40 per cent of our electricity, the price of which is close to three times what it was before the war in Ukraine. Countries with cheaper electricity generally rely more on hydro and nuclear.

"Many of our power plants are also older and smaller than those in other countries, so we dont benefit from efficiencies and economies of scale as much.

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