Wholesale Electricity Prices in Ireland
- Irish Wholesale electricity prices are currently trading at €122.52 per MWh (month-to-date average).
- Month-to-date electricity auction prices are 13.3% higher than December 2025, but still 26.7% lower than January 2025, maintaining a clear downward linear trend.
- Wholesale electricity prices typically peak during the winter months (November to February), when demand for heating and lighting is at its highest. Barring any unforeseen events, we expect prices to soften again as spring approaches.
Wholesale Natural Gas Prices
- UK day-ahead natural gas prices closed at 73.88 pence per therm. The EU benchmark (TTF) price closed at 71 pence per therm which is equivalent to €29 per MWh.
- The current trading price for wholesale gas is 1.7% higher than December 2025, and 37.9% lower compared to January 2025.
- Record-high gas output in the US in 2025 and fresh supply contracts with Middle Eastern producers resulted in a 28% increase in LNG imports to Europe. European gas storage levels remain healthy at most 60%, supporting current pricing levels.
- Larger gas users are taking advantage of current prices and fixing contracted rates in order to benefit from budget certainty at current levels.
Global Oil Commodity Prices
- Brent crude oil closed at $61.04 per barrel representing a 3.1% month-on-month decline, and a 14.8% decrease year-on-year.
- Coal price edged 0.7% higher this month, closing at $96.48 per metric tonne. Despite the monthly increase, coal remains 11.2% lower year-on-year, reinforcing the broader downward trend evident across energy commodities.
- Despite US actions in Venezuela, Oil prices remain stable. While Venezuela holds the world’s largest proven oil reserves, the country accounts for only a small share of global supply, dampening potential for near term price volatility.
- While it is still early to make predictions, investment in Venezuela's energy infrastructure, leading to higher oil production, could place additional downward pressure on global oil prices over the medium term.
Petrol & Diesel Pump Prices in Ireland
- Average petrol prices in Ireland are currently €1.74 per litre. Petrol prices are unchanged month-on-month and marginally down by 0.05% year-on-year.
- Average diesel prices in Ireland are currently €1.73 per litre. Diesel prices are 0.58% higher than last month and 0.56% higher year-on-year.
- Petrol and diesel prices are strongly correlated to global oil prices. While we have seen a reduction in oil prices, petrol and diesel prices are largely unchanged due to increases in government carbon taxes at petrol pumps.
Summary
- Energy markets entered 2026 with prices well below last year’s levels, despite short-term winter pressures in electricity and modest month-on-month increases in gas.
- Strong global gas supply, healthy European storage levels, and weaker oil and coal prices continue to support a broadly downward pricing environment across energy commodities.
- For businesses with budgetary constraints, current market conditions present an opportunity to secure competitive fixed energy rates while prices remain structurally lower than in 2025.
