Ireland among top five EU countries with largest gas price increases

At 73%, Ireland had one of the largest gas price increases across the European Union 

The spiralling cost of energy since the winter of 2021 has forced most Irish households to watch helplessly as the cost of energy more than doubled, with wholesale energy prices around 300% higher than they were in 2020.

Ireland was found to have one of the most dramatic gas price hikes in the European Union, with an increase of 73% in the first six months of 2023 compared to the same period last year.

The surge has placed Ireland amongst the top 5 countries with the largest price hikes in the EU for gas as the continent continues to grapple with supply issues and rising wholesale costs. 

At 73%, Ireland landed itself in fifth place, behind Latvia in first place at 139%, followed by Romania (134%), Austria (103%) and the Netherlands (99%).

On the other end of the spectrum, Estonia, Croatia and Italy registered decreases between -0.6% and -0.5%, while in Lithuania, the price remained unchanged.

Expressed in euro, average household gas prices in the first half of 2023 were lowest in Hungary at €3.4 per 100 kWh, Croatia at €4.1 and Slovakia at €5.7. The highest prices were exhibited in the Netherlands (€24.8), Sweden (€21.9), and Denmark (€16.6).

'Expensive winter' 

The spiralling cost of energy since the winter of 2021 has forced most Irish households to watch helplessly as the cost of energy more than doubled, with wholesale energy prices around 300% higher than they were in 2020.

While Irish providers have lowered in the price of energy in recent weeks, it has been warned that they are still falling from extremely high levels, with Head of Communications at Bonkers.ie, Daragh Cassidy recently telling the Irish Examiner that it could still be a "very expensive winter to heat and light our homes."

Despite surging gas prices, Irish electricity costs have seen much more modest growth, increasing by 7% in the first six months of 2023. 

Aside from the outlier Netherlands, which saw electricity prices rise by 953% following changes in the government's taxation policies, Lithuania, Romania and Latvia topped the list with price rises between 74% and 88%.

Large decreases in national currency were registered in Spain (-41%), followed by Denmark (-16%). Smaller decreases were reported in Portugal (-6%), Malta (-3%) and Luxembourg with close to 0.