Wholesale Electricity Prices in Ireland
- Irish wholesale electricity prices are currently trading at €124.13 per MWh, down 8.4% compared to June 2026 as European energy markets stabilise.
- Although prices remain above July 2025 levels, they have eased from the spike during Middle East tensions earlier this year, with new business contracts currently 3–5% higher year-on-year.
- Electricity pricing in Ireland remains closely linked to natural gas, which continues to set the marginal price of power in the wholesale market and is also the primary fuel used by suppliers to hedge exposure to electricity price risk.
- Wind generation has supplied 44% of Ireland’s electricity so far this year, reducing reliance on natural gas and helping to moderate wholesale electricity price volatility.
Wholesale Natural Gas Prices
- UK day-ahead natural gas prices are currently 105.81 pence per therm, while the EU TTF benchmark is trading at €44.71 per MWh, equivalent to 112.25 pence per therm.
- European gas prices have fallen 11% since the start of June 2026, reflecting reduced near-term supply risk following easing geopolitical tensions in the Middle East. However, pricing remains highly responsive to LNG supply disruptions.
- Forward gas prices remain elevated, with 12-month contract pricing 9.5% higher than July 2025. This translates into approximately a 4% increase in new business gas contracts once network charges are included.
- EU gas storage levels currently stand at 50%, around 15% below the five-year average. Storage levels are expected to reach 81.5% by November, meeting the EU's minimum threshold but remaining below the 90% target.
Global Oil Commodity Prices
- Brent crude oil is currently trading at $71.54 per barrel, down from $94.98 at the start of June 2026. Commercial traffic through the Strait of Hormuz resumed after the US–Iran agreement on 17 June, reducing supply disruption risk.
- OPEC+ also agreed to increase production quotas by 188,000 barrels per day in July, adding further supply to global markets as geopolitical supply concerns eased.
- Coal prices are currently $122.5 per metric tonne, down 6.5% month-on-month, but still 14.3% higher than July 2025.
- Coal prices peaked in June following an explosion at the Liushenyu mine in May 2026, which triggered safety inspections and temporary production suspensions. Output remains below pre-incident levels despite partial recovery.
Petrol & Diesel Pump Prices in Ireland
- Average petrol prices in Ireland are currently €1.68 per litre, down 7.7% compared to June 2026, and 3.3% higher year-on-year.
- Average diesel prices are currently €1.69 per litre, down 12.5% month-on-month and 14.3% higher year-on-year.
- The Irish government has extended current excise duty reductions on petrol and diesel until the end of August 2026, maintaining a reduction of 27 cent per litre on petrol and 32 cent per litre on diesel.
- Starting in September the excise reductions will be gradually withdrawn over four stages, restoring previous duty levels by the end of the year and increasing pump prices accordingly.
Summary
- Wholesale electricity prices have fallen 8.4% since June 2026 as European energy markets stabilise. However, new business electricity contracts remain 3–5% higher year-on-year, with natural gas continuing to set wholesale power prices.
- European gas prices have eased since June, although 12-month forward prices remain 9.5% higher than July 2025. EU gas storage remains 15% below the five-year average, leaving prices sensitive to LNG supply disruptions.
- Brent crude oil has fallen from $94.98 to $71.54 per barrel since the start of June as supply risks eased. Higher OPEC+ production is adding further oil supply, although coal prices remain above July 2025 levels.
- Energy markets have stabilised since earlier this year, creating improved conditions for contract renewal. Businesses should compare all procurement options, including fixed-price contracts, wholesale trackers and longer-term agreements.
