Wholesale Electricity Prices in Ireland
- Wholesale electricity prices in Ireland are currently trading at €151.24 per MWh, 2.7% lower compared to July 2026.
- Prices may ease further as the geopolitical tensions in the Middle East are resolved. New business electricity contracts are approximately 5%–8% higher than this time last year.
- The Commission for Regulation of Utilities (CRU) has approved changes to the Electricity PSO Levy and Network Charges, effective from 1 Oct 2026. There is a 66% reduction in the PSO Levy which will be partially offset by a 4% increase in Network Charges.
- Wind generation has remained strong throughout 2026, supplying 43% of Ireland's electricity so far this year, almost matching natural gas at 45%. This helps reduce Ireland's reliance on natural gas-fired generation and associated price volatility.
Wholesale Natural Gas Prices
- UK day-ahead natural gas is currently priced at 139.82 pence per therm, while the EU TTF benchmark is trading at €55.20 per MWh, equivalent to 138.64 pence per therm.
- On 28 July, QatarEnergy declared force majeure on several LNG cargoes to Europe, tightening supply and contributing to a 7% increase in European natural gas prices since early July.
- EU gas storage stands at 57.7%, around 16% below the five-year average. The European Commission has reduced its November storage target from 90% to 80%.
- Forward gas prices are now 15%–18% higher than August 2025, translating into a similar increase in new business gas contracts once network charges are included.
Global Oil Commodity Prices
- Brent crude oil is currently trading at $79.46 per barrel, 2.3% lower than July 2026. While renewed tensions pushed prices higher during July, expectations of a possible US-Iran agreement have helped ease prices.
- Despite continued geopolitical uncertainty, global oil prices remain well below the highs reached earlier this year as supply concerns have moderated.
- Coal is currently trading at $116.50 per metric tonne, down 2% month-on-month but still 16.6% higher than August 2025.
- Coal prices remain supported by strong demand across Asia, although broader global energy markets have stabilised compared with earlier this year.
Petrol & Diesel Pump Prices in Ireland
- Average petrol prices in Ireland are currently €1.83 per litre, 4.4% higher than July 2026 and 7.9% higher than August 2025.
- Average diesel prices are currently €1.89 per litre, up 9.4% month-on-month and 12.7% higher than August 2025.
- Temporary Government excise duty reductions remain in place until the end of August before being gradually withdrawn between September and December 2026.
- Businesses with significant transport costs should continue to monitor fuel markets, as higher excise duties and global oil prices may place upward pressure on pump prices during the remainder of the year.
What This Means for Your Business
- If you are already in a fixed-price electricity or gas contract with several months remaining, no immediate action is required.
- If your contract is due to expire in the coming months, now is a good time to review your options before the new regulated electricity charges take effect on 1 October.
- Although gas markets have tightened in recent weeks, electricity markets remain relatively stable, allowing businesses to make procurement decisions without the volatility seen earlier this year.
- Consider all procurement options, including wholesale tracker tariffs, short-term fixed contracts and longer-term agreements that allow you to average into market pricing over time.
