Wholesale Electricity Prices in Ireland
- As of May 2026, Irish wholesale electricity prices are averaging €131.14 per MWh over the previous month.
- While prices remain elevated, the market has moved largely sideways in recent weeks, increasing just 1.9% compared to March 2026 (last month).
- Electricity prices are not immune to ongoing tensions in the Middle East. However, the limited upward movement shows that much of the initial risk has already been priced in, with less sensitivity to recent developments than seen in oil markets.
- Geopolitical events can cause short-term volatility in wholesale markets, with prices typically stabilising once uncertainty eases. In 2022, during Russia’s invasion of Ukraine, electricity prices fell by 65% from peak levels within two months.
Wholesale Natural Gas Prices
- As of May 5th, UK day-ahead natural gas prices stand at 116.65 pence per therm. The EU benchmark (TTF) price is trading at 122.12 pence per therm, which is equivalent to €48.28 per MWh.
- Spot gas prices are broadly stable, down just 0.3% compared to April 2026 (last month), but remain elevated at 35.4% higher than May 2025 (last year).
- The 12-month forward gas price is 23% higher year-on-year, with most pressure on gas for near term delivery. This equates to a 10%-12% increase on business gas contracts once grid fees (where there is no increase) are taken into account.
- European natural gas storage levels are currently at 34%. The 5-year average for the same period is 42%. If supply issues in the Middle East persist and storage levels remain low as we approach winter, we may see renewed price pressure.
Global Oil Commodity Prices
- As of May 5th, Brent crude oil stands at $101.77 per barrel, representing a 9.6% increase compared to April 2026, and a 70.2% increase year-on-year.
- Oil prices remain elevated at their highest levels since 2022, with markets continuing to trade between $90 and $110 per barrel, depending on newsflow on the day.
- Price movements are increasingly reflecting a sustained risk premium rather than reacting sharply to individual geopolitical developments. This indicates that a significant portion of supply disruption risk is now embedded in current pricing.
- Coal prices are also slightly higher, trading at $111.45 per metric tonne as of May 5th, up 1.9% on last month and 14.1% year-on-year.
Petrol & Diesel Pump Prices in Ireland
- Average petrol prices in Ireland are currently €1.84 per litre. Petrol prices are 3.7% lower than last month and 4.6% higher year-on-year.
- Average diesel prices are currently €1.94 per litre. Diesel prices are 9.4% lower than last month, and 15.5% higher year-on-year.
- In April 2026, the Irish government extended the cuts to excise duty until the end of July 2026. The measures reduced pump prices by approximately 30 cents for petrol and 25 cents for diesel between March and April.
- In addition, the government has delayed the planned carbon tax increase until October 2026, helping to limit further upward pressure on fuel costs for households and businesses nationwide.
Summary
- Wholesale electricity prices have moved sideways and are trading at similar levels to March 2026. The impact on electricity prices is muted, with much greater price pressure on heating oil, petrol and diesel for immediate delivery.
- Natural gas prices have experienced more volatility than electricity prices, with earlier price pressure now beginning to ease. Businesses entering new gas contracts today can expect a 10% increase compared to this time last year.
- Oil prices remain at their highest level since 2022. The temporary easing seen on April 8th following the US-Iran ceasefire has largely reversed due to stalled negotiations.
- We advise businesses to avoid rushed decisions during market volatility. Depending on your contract, consider wholesale electricity tracker plans, short-term fixed contracts, or longer contracts that let you average in at a lower price.
