Monthly wholesale electricity prices in Ireland 2019-2024
The average wholesale electricity price in Ireland amounted to some 86.6 euros per megawatt-hour in March 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, the combination of 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 due to 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.