Ireland has the 3rd highest electricity prices in the EU as energy costs across Europe soared during 2022 including Ireland where they rose by 41% – almost twice the EU average.
Updated figures published by the European Commission show electricity and gas prices in the EU hit record price levels in the second half of 2022 due to a series of price increases linked to the impact of the Russian invasion of Ukraine on energy supplies.
Ireland had the 7th most expensive electricity prices in the EU last June but costs have increased relative to several other EU member states due to a series of price hikes in the second half of 2022.
Average household electricity prices in Ireland jumped from €29.74 per 100kWh in 2021 to €41.99 by the end of last year – an increase of 41.2%.
However, consumers in several other EU countries including Romania, the Czech Republic, Demark, Lithuania and Latvia, faced even bigger price rises.
The latest figures show Irish residential consumers are now paying 47.9% above the EU average price for electricity.
Only Denmark (€58.71 per 100kWh) and Belgium (€44.89) have higher electricity prices than Ireland.
The latest figures show electricity prices rose in all EU member states in the second half of 2022 with the exception of Malta and the Netherlands.
They also indicate that business customers in Ireland have the 5th highest electricity charges in the EU.
Separately, the figures reveal that Irish consumers now have the 7th highest gas prices among the 27 EU member states.
Ireland was ranked as having the 11th highest gas prices in the first half of 2022 when they were even below the EU average.
However, price hikes have resulted in the cost of 100kWh of gas in the Republic almost doubling during 2022 with prices rising from €7.83 to €15.44– an increase of 97.2%.
The average increase in household gas prices across the EU over the same period was 45.4.% with rising costs recorded in every EU member state.
Gas prices more than doubled in several countries including Romania, Latvia, Lithuania and Belgium and even trebled in the Czech Republic.
Household gas prices in Ireland have also overtaken the average EU price which now stands at €11.37 per 100kWh.
On a more positive note, business and industrial users of gas in Ireland have the 9th cheapest gas prices in the EU with prices just above the EU average.
The European Commission said electricity and natural gas prices had recently shown signs of stabilising after a significant increase in prices that had started before the Russian invasion of Ukraine in early 2022 before they “skyrocketed” later last year.
It noted that EU countries had opted for various measures such as reducing taxes and fees, temporary tax waivers for consumers, price caps and providing lump sum support or allocating vouchers to ease the burden on consumers.
In Ireland, residential electricity customers received €200 in credit last year to help reduce their bills with two further credits totalling €400 being paid in the first three months of 2023.
Official figures show the share of taxes on electricity bills across the EU dropped from 36% to 16% during 2022, while the share of taxes on gas bills decreased from 27% to 14% over the same period.
