Ireland is fourth most expensive EU country for electricity prices

Electricity customers in Ireland are spending €110 more per year than the European average.

The latest figures from Eurostat, the EU's statistical agency, show that Irish customers are paying the fourth highest electricity prices in the EU.

Only Germany, Denmark and Belgium have higher electricity prices in the EU area, with electricity in Ireland costing some 12% more than the EU average.

However when the net price of electricity - excluding taxes and charges such as VAT and environmental levies - is considered, prices in Ireland are actually the most expensive in the EU at 49.48% higher than the EU average.

Commenting on the data, Daragh Cassidy, Head of Communications at price comparison and consumer website bonkers.ie said: "Given the increase in wind generation in Ireland over the past few years, it’s surprising that electricity prices here haven’t fallen really and continue to remain above the EU average.

"However, what’s more concerning is the net price of electricity that suppliers here are charging, which is way out of line with the rest of Europe. This is important for the Government to remember, as if it embarks on increasing taxes and levies on electricity to bring us into line with the EU average or to try meet environmental goals, consumers could be faced with astronomical bills."

Mr Cassidy said Irish consumers could save an average of €400 per year if they switch supplier.

"There are huge discounts available to those who switch with unit prices as low as around 15 cent per kWh on offer for an entire year. This would make your electricity the ninth cheapest in the EU – on a par with Latvia and Slovakia," he said.

The Commission for Regulation of Utilities (CRU) recently reported that switching rates in Ireland remain low. In 2018, just 14% of electricity customers switched suppliers. It was the highest rate in seven years.

The same report showed Ireland has the seventh most expensive gas in the EU at just over 8% above the EU average. Excluding taxes and levies, this rises to fourth, adding an extra €56.10 to the average annual gas bill compared to the EU average.