Wholesale electricity prices up 56% in 12 months to July

Wholesale electricity prices surged by 56.2% year-over-year in July, according to figures from the Central Statistics Office (CSO). This represents a 14.8% increase from the previous month, and marks the highest level since January 2025. While prices remain 59.9% lower than their peak in August 2022, wholesale electricity costs have risen 19.1% since July last year. The CSO noted that all energy fuels experienced a 0.6% increase in July.

Price comparison website Bonkers.ie analyzed the figures and found that wholesale electricity prices were nearly 30% higher than the previous six-month period. The surge is primarily attributed to the ongoing conflict in the Middle East, which has driven gas prices up almost double compared to last year. Gas accounts for around 45% of the country's electricity generation.

Bonkers.ie emphasized that high electricity prices in the short to medium term have no easy solutions, as reducing reliance on fossil fuels and natural gas will take a decade or more. They noted that while renewable energy is crucial, building a modern grid to accommodate, transport, and store it will take time and money, potentially adding to bills in the interim.