30-Second Overview
Over the past 12 months, wholesale electricity in Ireland averaged €110.11MWh (11.01 c/kWh), with April 2026 trading at €132.17/MWh (13.21 c/kWh).
Prices are well below the crisis peak of €388/MWh (38.8 c/kWh) in August 2022, but remain higher than the pre-2021 average of €40/MWh - €60/MWh.
The main drivers of wholesale electricity prices in Ireland are natural gas prices and electricity production from wind farms. Small changes in these factors directly influence the price plans suppliers can offer.
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What Are Wholesale Electricity Prices?
Wholesale electricity prices are the rates suppliers pay to buy electricity from power stations, wind farms and other generators. In Ireland, wholesale prices are set in the Single Electricity Market (SEM), the all-Island wholesale market operated by the SEMOpx.
There are electricity auctions every half-hour. Power stations and wind farms submit offers to supply electricity. There is only one price set, which is the maximum price required to supply all of Ireland’s electricity needs. This is the final wholesale electricity price. The auction process works as follows:
- Renewables and priority generation clears first.
- Remaining demand is met by fossil fuel generators.
- The last accepted bid sets the wholesale electricity price for that half-hour period.
With this “marginal pricing” system, prices can fluctuate sharply depending on demand, wind output and natural gas prices.
Current Wholesale Electricity Prices in Ireland
Year-to-date in 2026, wholesale electricity prices remain below the 2022 crisis highs, but are still above pre-crisis levels.
- April 2026: €132.17 per MWh (13.21 c/kWh)
- March 2026: €128.70 per MWh (12.87 c/kWh)
- 12-Month Average: €110.11 per MWh (11.01 c/kWh)
- August 2022 (Peak): €388 per MWh (38.8 c/kWh)
Data Sources: SEMOpx (Day-Ahead Market Auction) & CSO Wholesale Price Index.
Wholesale Electricity Prices in Ireland
| Month | Day Ahead Market Price | Price per kWh | % Change |
|---|---|---|---|
| 12 month average | 110.11 €/MWh | 11.01 c/kWh | - 11.8% |
| April 2026 | 132.17 €/MWh | 13.22 c/kWh | + 2.7% |
| March 2026 | 128.70 €/MWh | 12.87 c/kWh | + 19.2% |
| Feb 2026 | 107.98 €/MWh | 10.80 c/kWh | - 15.0% |
| Jan 2026 | 126.96 €/MWh | 12.70 c/kWh | + 17.9% |
| Dec 2025 | 107.66 €/MWh | 10.76 c/kWh | - 12.4% |
| Nov 2025 | 122.90 €/MWh | 12.29 c/kWh | + 22.1% |
| Oct 2025 | 100.63 €/MWh | 10.06 c/kWh | + 6.5% |
| Sept 2025 | 94.44 €/MWh | 9.44 c/kWh | - 2.1% |
| Aug 2025 | 96.44 €/MWh | 9.64 c/kWh | - 3.2% |
| July 2025 | 99.62 €/MWh | 9.96 c/kWh | + 4.7% |
| June 2025 | 95.19 €/MWh | 9.52 c/kWh | - 12.5% |
| May 2025 | 108.82 €/MWh | 10.88 c/kWh | - 2.0% |
| April 2025 | 111.01 €/MWh | 11.10 c/kWh | - 15.8% |
| March 2025 | 131.80 €/MWh | 13.18 c/kWh | - 6.5% |
| Feb 2025 | 140.90 €/MWh | 14.09 c/kWh | - 15.8% |
| Jan 2025 | 167.33 €/MWh | 16.73 c/kWh | + 22.1% |
| Dec 2024 | 137.10 €/MWh | 13.71 c/kWh | - 6.2% |
| Nov 2024 | 146.16 €/MWh | 14.62 c/kWh | + 18.3% |
| Oct 2024 | 123.55 €/MWh | 12.35 c/kWh | + 9.6% |
| Sept 2024 | 112.75 €/MWh | 11.28 c/kWh | + 12.3% |
| Aug 2024 | 100.41 €/MWh | 10.04 c/kWh | - 9.5% |
| July 2024 | 110.94 €/MWh | 11.09 c/kWh | + 3.0% |
| June 2024 | 107.72 €/MWh | 10.77 c/kWh | + 0.0% |
| May 2024 | 107.70 €/MWh | 10.77 c/kWh | + 21.6% |
| Apr 2024 | 88.57 €/MWh | 8.86 c/kWh | + 2.2% |
| March 2024 | 86.63 €/MWh | 8.67 c/kWh | + 2.4% |
| Feb 2024 | 84.62 €/MWh | 8.46 c/kWh | - 15.2% |
| Jan 2024 | 99.85 €/MWh | 9.98 c/kWh | + 12.1% |
| Dec 2023 | 89.07 €/MWh | 8.91 c/kWh | - 27.5% |
| Nov 2023 | 122.90 €/MWh | 12.29 c/kWh | - 2.1% |
| Oct 2023 | 125.52 €/MWh | 12.55 c/kWh | + 12.4% |
| Sept 2023 | 111.64 €/MWh | 11.16 c/kWh | + 4.9% |
| Aug 2023 | 106.42 €/MWh | 10.64 c/kWh | + 10.6% |
| July 2023 | 96.26 €/MWh | 9.63 c/kWh | - 17.8% |
| Q2 2023 | 115.97 €/MWh | 11.60 c/kWh | - 25.4% |
| Q1 2023 | 155.55 €/MWh | 15.55 c/kWh | - 16.0% |
| Q4 2022 | 185.24 €/MWh | 18.52 c/kWh | - 40.8% |
| Q3 2022 | 312.71 €/MWh | 31.27 c/kWh | + 72.6% |
| Q2 2022 | 181.17 €/MWh | 18.12 c/kWh | - 18.8% |
| Q1 2022 | 223.15 €/MWh | 22.32 c/kWh | + 64.7% |
| 2021 average | 135.52 €/MWh | 13.55 c/kWh |
Key Factors That Influence Wholesale Electricity Prices
Wholesale electricity prices in Ireland are influenced by four primary factors:
- Natural Gas Prices: During the first half of 2025, 58% of electricity was generated using natural gas, making it the primary driver of wholesale costs in Ireland. Because of this, even small changes in international gas prices can shift SEM prices.
- Wind Output: High wind generation levels can push wholesale prices close to €0/MWh. During calmer days, Ireland's reliance on fossil fuels increases wholesale electricity prices.
- Electricity Demand: High demand periods (peak weekdays and daytime) push clearing prices up, while lower demand periods (night-time and off-peak) reduce them.
- Global Market Trends: Wholesale electricity prices in Ireland can increase due to international events, such as US tariffs, EU carbon policies, extreme weather and geopolitical conflicts.
💡 Pro Tip: Wholesale electricity prices are volatile. Businesses should track trends to optimise contract timing. Our energy experts would be delighted to help - click the buttons below to get started 👇
Historical Trends in Wholesale Electricity Prices (2022–2026)
2026: Price Volatility in Q1 2026 due to War in Iran
- In March 2026, wholesale electricity prices increased by 2 c/kWh as a result of the war in Iran.
- The impact on electricty prices is muted, with the main price pressure on heating oil, petrol and diesel. This is a direct result of oil shipments at the Strait of Hormuz being closed off.
- In April 2026, the two week ceasefire announced between the US and Iran, resultign in a 15% drop in oil and natural gas commodity prices.
- Looking ahead, we expect wholesale electricity prices to stabilise in the short term and trend back down to normal levels.
2025: Prices on a Downward Trend
- In Dec 2025, the average SEM day-ahead market price stood at €108.44/MWh (10.84 c/kWh).
- Wholesale electricity prices in Ireland have trended down since February 2025, following the unveiling of Trump’s import tariffs and a cooling global demand outlook.
- Short-term market volatility was observed in June 2025 due to escalating tensions between Israel and Iran; however, the situation was quickly resolved and had only a temporary impact on energy pricing.
2024: A Year of Stabilisation and Higher Q4 Prices
- In 2024, wholesale electricity prices traded between €100 and €140 per MWh, with a 12-month average price of €104/MWh.
- Q1 - Q3 2024: Prices remained relatively stable.
- Q4 2024: Prices spiked slightly due to colder weather and geopolitical uncertainty.
2023: Range-Bound but Stable
- Throughout 2023, wholesale electricity prices remained relatively stable, trading between €100 and €130 per MWh. Market conditions were calm compared to the prior year. This was aided by improved gas storage across Europe and increased renewable generation in Ireland.
2022: Energy Crisis and Record Highs
- 2022 was marked by extreme price volatility following the Russia-Ukraine conflict and the abrupt halt of Russian gas exports to Europe.
- August 2022: electricity auction prices hit an all-time high of €388/MWh (38.8c/kWh).
- September 2022: Prices quickly stabilised to more manageable levels.
- December 2022: A cold snap across Europe triggered a temporary price spike.
Why Businesses Should Care About Wholesale Prices
Although businesses can not buy power directly from power stations, wholesale electricity prices directly impact the tariffs offered by suppliers. On top of wholesale costs, suppliers must add:
- Regulatory charges (≈14.6c/kWh) to fund ESB Networks, EirGrid, and SEM operations.
- Supplier margin and retail costs.
This means even when wholesale prices sit around €0.10/kWh, final business tariffs are €0.25/kWh - 0.30/kWh.
Who Is the Cheapest Business Electricity Supplier in Ireland?
There’s no single cheapest supplier. Prices and plans change monthly, and loyalty rarely pays. That’s why it’s critical to review energy contracts annually and compare business electricity rates across suppliers. More information on electricity price plans can be found on our business electricity prices in Ireland page.
Common Types of Business Electricity Contracts
| Plan Type | Summary |
|---|---|
| Fixed-Term | Lock in unit rates for 12–24 months. |
| Wholesale Tracker | Follows electricity auction prices and rates change monthly. |
| Unbundled Pass-Through | Energy and grid charges are itemised separately. |
| Flexible Contracts | Large users fix a % of future usage monthly. |
| Blend & Extend | Renew early for when prices fall for a lower blended rate. |
💡 Pro Tip: To get accurate pricing for your meter and a full supplier comparison, speak to our energy experts.
Business Electricity Rates in Ireland (2025)
| Business Size | 24hr Unit Rate | Day Unit Rate | Night Unit Rate | Standing charge (daily) |
|---|---|---|---|---|
| Small to Medium | 24.5c - 27.5c | 26.5c - 29.5c | 15.5c - 19.0c | €0.41 - €0.99 |
| Large | -- | 23.5c - 25.5c | 15.0c - 18.0c | €3.50 - €6.50 |
Note: Some plans split energy and non-energy charges. The energy-only rate is typically 16 c/kWh lower during the day and 6.7 c/kWh lower at night than the bundled rates above.
How to Get the Cheapest Business Electricity Rates?
Wholesale electricity prices fluctuate daily. Businesses should compare options to time their contract properly to secure the best rates. Utilityfair’s energy experts monitor wholesale electricity prices and market trends. We have the latest prices from all suppliers already loaded into our models and can send you a full supplier comparison completely free. In a nutshell, we speed up the process of switching to a cheaper energy deal by helping businesses:
- Compare the cheapest electricity rates from all major suppliers in Ireland.
- Lock in savings or benefit from falling prices through tracker plans.
- Understand their energy contracts and avoid hidden charges.
- Switch to a cheaper price plan hassle-free, saving them time and money
👉 Get a Free Price Comparison in Minutes
Fill out our enquiry form, click the buttons below or call 01 547 0999 to speak with a Utilityfair energy expert and start saving.
Frequently Asked Questions (FAQs)
Wholesale electricity prices are the rates suppliers pay to purchase electricity from power generators, such as power stations and wind farms. In Ireland, these prices are determined in real-time through auctions in the Single Electricity Market (SEM).
Wholesale prices are the core driver of commercial electricity costs. While businesses can’t access these prices directly, wholesale electricity prices directly impact the tariffs offered by suppliers on charge on fixed, variable, and tracker plans.
As of April 2026, the SEM wholesale electricity price has averaged €132.17/MWh. This is equivalent to 13.22c/kWh. This up 2.7% on last month and is over 50% lower than the peak in August 2022.
No. Only licensed electricity suppliers can purchase energy directly from the wholesale market. Businesses must buy from suppliers, who add regulatory charges, network fees, and margins to the base wholesale price.
In addition to the wholesale cost, suppliers add approximately 14.6 c/kWh in regulatory and network charges - 16 c/kWh for daytime usage and 7 c/kWh for nighttime usage. This brings the total delivered business electricity rate to around 25 c/kWh – 29 c/kWh during the day and 15 c/kWh -19 c/kWh during the night, depending on your price plan.
Key factors include: (1) Global natural gas prices; (2) Renewable energy generation - especially wind; (3) Weather patterns and demand; (4) International events - e.g. wars, tariffs, trade tensions; and (5) EU and Irish energy policy.
The highest recorded wholesale electricity price by monthly average was in August 2022, when SEM auction prices averaged €388/MWh (38.8c/kWh). This was due to the energy crisis following Russia's invasion of Ukraine.
Wholesale electricity prices are set in the Single Electricity Market (SEM), which operates across Ireland and Northern Ireland. Every half-hour, generators submit bids to supply electricity. Renewable sources and priority generation clear first, followed by fossil fuel generators. The last accepted bid determines the price for that period, a system known as marginal pricing.
Ireland relies heavily on imported natural gas, which accounts for 58% of electricity generation. Furthermore, Ireland is a small country, and it is more expensive to maintain the grid per head of population than in larger EU countries. This results in higher regulatory charges to fund grid maintenance and development. These factors, combined with exposure to global fuel and carbon markets, generally make Irish wholesale prices higher than those in larger mainland EU markets.
Wholesale electricity is priced in €/MWh, while business bills use c/kWh. The conversion is: 1 €/MWh = 0.1 c/kWh. For example, a wholesale price of €99.62/MWh equals 9.96 c/kWh.
Wholesale electricity prices in Ireland have been on a downward trend since February 2025 and, as of February 2026, the average SEM day-ahead market price stood at €107.98/MWh (10.80 c/kWh) - a significant drop compared to the start of 2025. Looking ahead, we expect wholesale electricity prices to remain stable through Winter 2026 despite the escalation of tension in the Middle East.
- Fixed-Term: Lock in a set unit rate for 12–24 months; good for budget certainty.
- Wholesale Tracker: Follows SEM prices monthly; ideal if prices are falling.
- Flexible Contracts: Large users can fix a percentage of future usage; offers partial price protection.
Choosing the right plan depends on your risk tolerance and energy usage profile. To get accurate pricing for your meter and a full supplier comparison, speak to our energy experts.
