Monthly wholesale electricity prices in Ireland 2019-2024

The average wholesale electricity price in Ireland fell to 112.72 euros per megawatt-hour in September 2024. During the period in consideration, figures reached a record high in March 2022, at over 293 euros per megawatt-hour. This was an increase of more than 302 percent compared to the same month a year prior. 

In 2021, electricity prices in the European Union soared. This was due to a myriad of factors, including increased heating demand due to cold winters, a rise in natural gas and coal prices, and a decline in wind power generation as a result of a lack of wind. This energy supply shortage was further aggravated by Russia's invasion of Ukraine in February 2022, causing prices to spike once again in the following months.