Irish Examiner view: Innovation essential to reduce costs

Our apparent inability to meaningfully diversify away from gas-fired electricity generation is certainly a factor here and there is less competition amongst Irish suppliers — but these factors don’t tell the full story

Irish energy prices are already amongst the highest in Europe. Picture: Stuart Boulton/Stock

We have a housing crisis, the cost of food and basic essentials is skyrocketing, and our infrastructure is creaking at the seams. On top of that, we have some of the highest energy costs in Europe.

Why? Well, the honest answer to the surging price of electricity and gas, is that nobody really knows. Certainly, since the Russians invaded Ukraine and Europe banned the sales of Russian oil and gas, prices have surged; but another factor is that the planned major investment in the electricity network is set to lead to price increases of up to €1.75 per month for the next five years.