Ireland has third highest electricity prices in Europe, research finds

Eva Osborne

New research has named the European countries with the highest electricity prices, with Ireland coming in third place.

topped the list, with electricity there costing €416.20 per MWh, which is 69 per cent higher than the European average of €245.78 per MWh.

Belgium is the European country with the second-highest electricity prices, paying €377.20 per MWh – 53 per cent above the European average.

Ireland ranks third, with electricity costing €374.60 per MWh, which is 52 per cent higher than the European average.

The study, conducted by banking experts at Finansvalp, analysed Eurostat data on electricity prices throughout the second half of 2023 to identify the European countries paying the most for electricity.

At the other end of the scale, Hungary is the country paying the least for electricity, costing €110.90 per MWh, which is 55 per cent less than the European average.

Bulgaria has the second-lowest electricity prices, paying €119.40 per MWh – 51 per cent below the European average.

Norway ranks third, with electricity costing 51 per cent less than the European average at €121.10 per MWh.

Commenting on the findings, chief executive of Finansvalp, Olle Pettersson, said: “It’s interesting to see which countries are dealing with the highest and lowest electricity prices in Europe.

“Hungary and Bulgaria both have a history of relatively low electricity prices, as their government implemented price control policies help to maintain more affordable costs.

“However, their lower costs are also influenced by the countries’ reliance on coal and nuclear power, which are cheaper than renewable energy sources.

“In comparison, and Belgium rely heavily on natural gas for power generation.

“Cutting back on their nuclear and coal capacity, combined with the wider European energy crisis, has resulted in the countries’ residents dealing with especially high costs.”