Electricity prices in Ireland among dearest in Europe

Irish electricity prices are among the more expensive in Europe but trail those of our nearest neighbour, the UK, a survey published on Tuesday shows.

A study of world prices by British price comparison website Cable.co.uk shows that, on average, Irish people pay 21.3 US cents (€0.19) for a kilowatt hour (KWh) of electricity. The price compares with an average for western Europe of 19.4 cents and 20.7 cents in North America.

The same survey shows that the UK, including Northern Ireland, pays 25.1 cents a KWh for electricity.

Nuclear power

However, power in many western European countries continues to cost less than in the Republic. France, where nuclear power is a key source of electricity, remains one of the cheapest at 17.3 cents per KWh. Spanish prices average 19.9 cents per KWh. The cost in Portugal and Italy is 20.1 cents a KWh.

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Norway, a key producer of oil and gas, and where hydropower is widely used to generate electricity, is among Europe’s cheapest with an average price per KWh of 9.3 cents.

Danish consumers

Consumers in nearby Denmark face the highest bills, with an average price of 35 cents/KWh. Germany follows with an average of 32.3 cents/KWh.

Cable.co.uk’s survey focuses on prices paid, with no breakdown of generation costs, the fuels used to produce electricity or the taxes paid on power.

Rising prices of natural gas, used to generate more than half the Republic’s electricity, combined with low wind speeds and temporary power plant shutdowns drove up electricity costs here this year.

Most suppliers have announced multiple price hikes since April this year, when world energy costs began rising as countries emerged from Covid lockdowns.