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Insight · prices

Why Irish wholesale electricity is the dearest in Europe's big markets

Irish day-ahead electricity averaged €114.4/MWh in 2025, the highest of the 9 European markets we compare (Germany €89.4, Great Britain €94.4, France €61.1; Ember). Gas plant most likely set the Irish price in about 81% of half-hours over the last year (SEMOpx, estimate).

By StackPath · published 3 October 2026 · updated 10 October 2026 · how we know · corrections

How expensive is Irish wholesale electricity?

The wholesale (day-ahead) price is what generators are paid for each half-hour of power. In 2025 Ireland's averaged €114.4/MWh. Of the 9 markets in Ember's data that we compare, it was the dearest, and in 2026 to date it is again the dearest.

Market2025, €/MWhHours above €200, 20252026 so far, €/MWh
Ireland (SEM)114.46%143.7
Great Britain94.40.8%119.5
Germany89.42%108.2
Netherlands86.81.4%108.4
Denmark81.71.7%107.5
France61.10.4%81.9
Norway47.70.1%95.1
Sweden42.60.5%63.6
Finland40.51.7%59.6

Ember wholesale price data (CC BY 4.0), simple means of hourly day-ahead prices, as of 3 October 2026. Ember's monthly Irish figures agree with SEMOpx within about €1.3/MWh.

On SEMOpx's own results, the Irish day-ahead baseload averaged €137.5/MWh from 4 October 2025 to 9 October 2026, with 13.1% of half-hours above €200 and 0% below zero.

Figure 1

Ireland's wholesale power against 8 other markets, 2025

Ireland had the highest average price of the 9 markets, €114/MWh, with the most hours above €200, and only 0.7% of hours below zero.

Average wholesale electricity price by market, 2025Ireland (SEM): €114.4/MWh, 6.0% of hours above €200, 0.7% below zero. Great Britain: €94.4/MWh, 0.8% of hours above €200, 1.9% below zero. Germany: €89.4/MWh, 2.0% of hours above €200, 5.8% below zero. Netherlands: €86.8/MWh, 1.4% of hours above €200, 6.7% below zero. Denmark: €81.7/MWh, 1.7% of hours above €200, 3.9% below zero. France: €61.1/MWh, 0.4% of hours above €200, 5.8% below zero. Norway: €47.7/MWh, 0.1% of hours above €200, 0.1% below zero. Sweden: €42.6/MWh, 0.5% of hours above €200, 3.7% below zero. Finland: €40.5/MWh, 1.7% of hours above €200, 5.2% below zero.€/MWh, 2025 AVERAGE>€200<€0Ireland (SEM)Ireland (SEM), 2025: €114.4/MWh average; 6.0% of hours above €200; 0.7% below zero1146.0%0.7%Great BritainGreat Britain, 2025: €94.4/MWh average; 0.8% of hours above €200; 1.9% below zero940.8%1.9%GermanyGermany, 2025: €89.4/MWh average; 2.0% of hours above €200; 5.8% below zero892.0%5.8%NetherlandsNetherlands, 2025: €86.8/MWh average; 1.4% of hours above €200; 6.7% below zero871.4%6.7%Denmark ·NDenmark, 2025: €81.7/MWh average; 1.7% of hours above €200; 3.9% below zero821.7%3.9%FranceFrance, 2025: €61.1/MWh average; 0.4% of hours above €200; 5.8% below zero610.4%5.8%Norway ·NNorway, 2025: €47.7/MWh average; 0.1% of hours above €200; 0.1% below zero480.1%0.1%Sweden ·NSweden, 2025: €42.6/MWh average; 0.5% of hours above €200; 3.7% below zero430.5%3.7%Finland ·NFinland, 2025: €40.5/MWh average; 1.7% of hours above €200; 5.2% below zero411.7%5.2%% columns = share of the year's hours · ·N = Nordic market
Average wholesale electricity price by market, 2025Ireland (SEM): €114.4/MWh, 6.0% of hours above €200, 0.7% below zero. Great Britain: €94.4/MWh, 0.8% of hours above €200, 1.9% below zero. Germany: €89.4/MWh, 2.0% of hours above €200, 5.8% below zero. Netherlands: €86.8/MWh, 1.4% of hours above €200, 6.7% below zero. Denmark: €81.7/MWh, 1.7% of hours above €200, 3.9% below zero. France: €61.1/MWh, 0.4% of hours above €200, 5.8% below zero. Norway: €47.7/MWh, 0.1% of hours above €200, 0.1% below zero. Sweden: €42.6/MWh, 0.5% of hours above €200, 3.7% below zero. Finland: €40.5/MWh, 1.7% of hours above €200, 5.2% below zero.€/MWh, 2025 AVERAGE>€200<€0IrelandIreland (SEM), 2025: €114.4/MWh average; 6.0% of hours above €200; 0.7% below zero1146.0%0.7%Great BritainGreat Britain, 2025: €94.4/MWh average; 0.8% of hours above €200; 1.9% below zero940.8%1.9%GermanyGermany, 2025: €89.4/MWh average; 2.0% of hours above €200; 5.8% below zero892.0%5.8%NetherlandsNetherlands, 2025: €86.8/MWh average; 1.4% of hours above €200; 6.7% below zero871.4%6.7%DenmarkDenmark, 2025: €81.7/MWh average; 1.7% of hours above €200; 3.9% below zero821.7%3.9%FranceFrance, 2025: €61.1/MWh average; 0.4% of hours above €200; 5.8% below zero610.4%5.8%NorwayNorway, 2025: €47.7/MWh average; 0.1% of hours above €200; 0.1% below zero480.1%0.1%SwedenSweden, 2025: €42.6/MWh average; 0.5% of hours above €200; 3.7% below zero430.5%3.7%FinlandFinland, 2025: €40.5/MWh average; 1.7% of hours above €200; 5.2% below zero411.7%5.2%% = share of hours

Each bar is the average hourly day-ahead price in 2025. Ireland averaged €114.4/MWh against €89.4 in Germany and €61.1 in France. Prices topped €200 in 6.0% of Irish hours and fell below zero in 0.7%; Germany had 5.8% negative hours, which a flexible user can soak up and a flat one cannot. These are wholesale energy prices only, not what any customer's bill shows.

Sources: Ember European wholesale electricity prices, hourly (CC BY 4.0), 2026-10-03

Gas sets the price most of the time

In each half-hour the dearest plant needed sets the price for everyone. We compared every Irish half-hour price with that day's estimated running cost of gas plant (gas, transport and carbon). The price sat in gas plants' cost range in about 80.6% of half-hours (75–87.3% depending on tolerance), so gas most likely set it. It sat above even an inefficient peaker's cost in 2.7%.

Split that way, the €137/MWh average breaks down as about €92 gas fuel, €27 carbon, €3 other running costs and markup, €3 scarcity above gas cost, and €12 from hours gas did not set (estimate).

That is also why prices rose in 2026. From January–September 2025 to the same months of 2026, the Irish baseload rose €27.8/MWh. British gas (+€11.4/MWh) and EU carbon (+€6.5/t) together raised an assumed 49%-efficient gas plant's cost by about €26.9. Britain (+€22), Germany (+€19.9) and France (+€20.6) rose too, so Ireland's premium widened only modestly: by €5.8 over Britain.

Why Ireland is dearer than Britain

Ireland's gas price follows the British hub, and it imports British power. Hour by hour over the last year it averaged €24.2/MWh above Britain. Splitting the hours by what the cables were doing:

Hours when…Share of hoursIreland − GB, €/MWhContribution to the gap, €/MWh
Both GB links importing at full capacity22.4%5111.4
Price above any gas plant's cost2.7%128.63.4
Importing, links not full59.3%16.910
Exporting or idle15.6%-4.6-0.7

Our split of matched hours (SEMOpx Ireland, Ember GB), not a causal model. Contributions add up to the average gap.

Full cables. In 22.4% of hours both cables to Wales (East-West and Greenlink) were importing at capacity. Ireland could not import more, and its price averaged €51 above Britain's. Those hours contributed €11.4 of the €24.2 gap. In 2025 the island imported power through its three links to Britain 86.2% of the time, a net 6.7 TWh (EirGrid). Celtic, the first link to France (700 MW), is now due Q4 2028 (target).

Figure 2

The Republic now imports power around the clock

In 2020 the Republic exported power overnight. Over the last 12 months it imported in every hour of the average day, and on still winter evenings it imports more than the two cables to Wales can carry (1,219 MW on average against 1,004 MW); the rest comes over the North–South line or is measurement difference.

Average net imports by hour of day, 2020 against the last 12 monthsIn 2020 Ireland exported overnight (about -304 MW at the lowest hour) and imported little by day. In the last 12 months it imported every hour, between 524 and 877 MW on average. The two cables to Wales are rated 1,004 MW together.-40004008001,200↓ exporting↑ importingEWIC + Greenlink rating 1,004 MW00:00 · last 12 months 681 MW · 2020 -138 MW01:00 · last 12 months 600 MW · 2020 -226 MW02:00 · last 12 months 621 MW · 2020 -236 MW03:00 · last 12 months 599 MW · 2020 -206 MW04:00 · last 12 months 557 MW · 2020 -219 MW05:00 · last 12 months 524 MW · 2020 -284 MW06:00 · last 12 months 611 MW · 2020 -304 MW07:00 · last 12 months 774 MW · 2020 -146 MW08:00 · last 12 months 847 MW · 2020 -40 MW09:00 · last 12 months 854 MW · 2020 36 MW10:00 · last 12 months 818 MW · 2020 83 MW11:00 · last 12 months 760 MW · 2020 84 MW12:00 · last 12 months 713 MW · 2020 66 MW13:00 · last 12 months 664 MW · 2020 84 MW14:00 · last 12 months 642 MW · 2020 93 MW15:00 · last 12 months 646 MW · 2020 78 MW16:00 · last 12 months 670 MW · 2020 17 MW17:00 · last 12 months 711 MW · 2020 2 MW18:00 · last 12 months 777 MW · 2020 10 MW19:00 · last 12 months 834 MW · 2020 -3 MW20:00 · last 12 months 874 MW · 2020 -15 MW21:00 · last 12 months 877 MW · 2020 -31 MW22:00 · last 12 months 837 MW · 2020 -47 MW23:00 · last 12 months 778 MW · 2020 -43 MWlast 12 months2020Low wind: 1,045 MWStill winter eve: 1,219 MW00:0006:0012:0018:0023:00Both cables to Wales importing at ≥95% of rating, share of quarter-hours00:00 · both links full 18.4% of quarter-hours01:00 · both links full 18.3% of quarter-hours02:00 · both links full 21.2% of quarter-hours03:00 · both links full 18.6% of quarter-hours04:00 · both links full 14.7% of quarter-hours05:00 · both links full 10.4% of quarter-hours06:00 · both links full 10.3% of quarter-hours07:00 · both links full 23.5% of quarter-hours08:00 · both links full 32.1% of quarter-hours09:00 · both links full 34.5% of quarter-hours10:00 · both links full 30.1% of quarter-hours11:00 · both links full 26.2% of quarter-hours12:00 · both links full 26.8% of quarter-hours13:00 · both links full 25.5% of quarter-hours14:00 · both links full 22.5% of quarter-hours15:00 · both links full 21.6% of quarter-hours16:00 · both links full 22.9% of quarter-hours17:00 · both links full 29.6% of quarter-hours18:00 · both links full 32.9% of quarter-hours19:00 · both links full 33.9% of quarter-hours20:00 · both links full 36.1% of quarter-hours21:00 · both links full 33.8% of quarter-hours22:00 · both links full 29.9% of quarter-hours23:00 · both links full 21.6% of quarter-hourslowest 10.3% at 06:00highest 36.1% at 20:00
Average net imports by hour of day, 2020 against the last 12 monthsIn 2020 Ireland exported overnight (about -304 MW at the lowest hour) and imported little by day. In the last 12 months it imported every hour, between 524 and 877 MW on average. The two cables to Wales are rated 1,004 MW together.-40004008001,200↓ exporting↑ importingEWIC + Greenlink rating 1,004 MW00:00 · last 12 months 681 MW · 2020 -138 MW01:00 · last 12 months 600 MW · 2020 -226 MW02:00 · last 12 months 621 MW · 2020 -236 MW03:00 · last 12 months 599 MW · 2020 -206 MW04:00 · last 12 months 557 MW · 2020 -219 MW05:00 · last 12 months 524 MW · 2020 -284 MW06:00 · last 12 months 611 MW · 2020 -304 MW07:00 · last 12 months 774 MW · 2020 -146 MW08:00 · last 12 months 847 MW · 2020 -40 MW09:00 · last 12 months 854 MW · 2020 36 MW10:00 · last 12 months 818 MW · 2020 83 MW11:00 · last 12 months 760 MW · 2020 84 MW12:00 · last 12 months 713 MW · 2020 66 MW13:00 · last 12 months 664 MW · 2020 84 MW14:00 · last 12 months 642 MW · 2020 93 MW15:00 · last 12 months 646 MW · 2020 78 MW16:00 · last 12 months 670 MW · 2020 17 MW17:00 · last 12 months 711 MW · 2020 2 MW18:00 · last 12 months 777 MW · 2020 10 MW19:00 · last 12 months 834 MW · 2020 -3 MW20:00 · last 12 months 874 MW · 2020 -15 MW21:00 · last 12 months 877 MW · 2020 -31 MW22:00 · last 12 months 837 MW · 2020 -47 MW23:00 · last 12 months 778 MW · 2020 -43 MW00:0006:0012:0018:0023:00Both links to Wales ≥95% full, % of quarter-hours00:00 · both links full 18.4% of quarter-hours01:00 · both links full 18.3% of quarter-hours02:00 · both links full 21.2% of quarter-hours03:00 · both links full 18.6% of quarter-hours04:00 · both links full 14.7% of quarter-hours05:00 · both links full 10.4% of quarter-hours06:00 · both links full 10.3% of quarter-hours07:00 · both links full 23.5% of quarter-hours08:00 · both links full 32.1% of quarter-hours09:00 · both links full 34.5% of quarter-hours10:00 · both links full 30.1% of quarter-hours11:00 · both links full 26.2% of quarter-hours12:00 · both links full 26.8% of quarter-hours13:00 · both links full 25.5% of quarter-hours14:00 · both links full 22.5% of quarter-hours15:00 · both links full 21.6% of quarter-hours16:00 · both links full 22.9% of quarter-hours17:00 · both links full 29.6% of quarter-hours18:00 · both links full 32.9% of quarter-hours19:00 · both links full 33.9% of quarter-hours20:00 · both links full 36.1% of quarter-hours21:00 · both links full 33.8% of quarter-hours22:00 · both links full 29.9% of quarter-hours23:00 · both links full 21.6% of quarter-hourslowest 10.3% at 06:00highest 36.1% at 20:00last 12 months2020Low wind: 1,045 MW (average)Still winter eve: 1,219 MW (average)

The lines show average net imports into the Republic for each hour of the day: dashed for 2020, red for 2025-10-10 to 2026-10-09. The 2020 day dipped to about -304 MW (exporting) at night; the recent day never falls below 524 MW and peaks at 877 MW. The Republic was a net importer in 40.1% of quarter-hours in 2020 and 89.4% in 2025. When the wind is low imports average 1,045 MW, and on still winter evenings both cables to Wales were importing at 95% of their rating or more in 95.0% of quarter-hours (a small sample: 219 quarter-hours, about 55 hours).

EstimateNet import = system demand minus Irish generation each quarter-hour, so it includes the North–South line and metering mismatch.

Sources: EirGrid Smart Grid Dashboard, 15-minute demand and generation (operational data), 2026-10-10 · Link ratings: EirGrid/SONI AIRAA 2026–2035 (EWIC), CRU Greenlink review, 2025

Gas transport. Getting British gas to an Irish power station costs extra. On the checked Gas Networks Ireland tariffs, that explains an estimated €3.9/MWh of the gap (range €2.5–7.1), and about €8.1 of the €19 gap in December–February. That weights how Irish power stations book pipeline capacity (about 19% day by day, the rest annual, per the latest public split for 2020/21), and assumes bids follow the SEM balancing-market rule that counts only capacity bought within the day as a running cost (SEM-17-020; whether day-ahead bids do the same is unchecked). The hub price itself is not the cause: British gas averaged €0.8/MWh cheaper than the Dutch TTF hub over 12 months.

Wind is the big swing factor

Days ranked by Irish windWind shareIrish price, €/MWhIreland − GermanyIreland − GBIreland − France
stillest third12.4%16958.141.581.5
middle third31.8%137.529.224.656.3
windiest third54.4%100.26739.1

On the windiest third of days Ireland was only €6/MWh above Germany; on the stillest third, €58.1. Even on windy days it stayed €39.1 above France.

Wind generators themselves earned €116.7/MWh on average, 14.7% below the baseload price, because the price falls when the wind blows. A flat 24/7 load, such as a data centre, paid €136.9/MWh at spot prices, about the same as the national demand profile (€138.7).

What this does not cover

  • Capacity payments: SEM capacity market costs are recovered through supplier charges, not the day-ahead price. Not modelled here.
  • Constraint and balancing costs: imperfections charges and dispatch-balancing costs (paying plant to run out of merit for system stability) sit outside the day-ahead price. Not modelled; no clean public monthly series pulled yet.
  • Network tariffs, PSO levy and supplier margin: outside the wholesale price (see Eurostat retail comparison).

Bills add those costs. On Eurostat's figures the largest Irish industrial users (over 150 GWh a year) paid €0.165/kWh before VAT in 2026-S1, times the EU average.

Why it matters

Our reading. The Irish premium is mostly a gas-and-wires story. Prices follow gas because gas sets them most of the time; the gap to Britain is widest when the cables are full and the wind is low; and gas transport adds a smaller, steady amount. Anything that changes those hours (more interconnection, more wind, storage, or cheaper gas) moves the average. This analysis does not say which is worth its cost.

Questions people ask

Why is electricity so expensive in Ireland?
Mainly because gas plant sets the wholesale price in about 81% of half-hours, and Ireland pays British gas prices plus transport. When both cables to Britain are full (22.4% of hours) Irish prices average €51/MWh above Britain's (SEMOpx, Ember; estimates).
What is the wholesale electricity price in Ireland?
The day-ahead baseload averaged €137.5/MWh from 4 October 2025 to 9 October 2026 (SEMOpx), and €114.4/MWh in 2025 (Ember).
Is Irish electricity dearer than the rest of Europe?
At wholesale level, yes: in 2025 Ireland was the highest of 9 markets compared, above Germany (€89.4), Britain (€94.4) and France (€61.1) (Ember).

How we know

  • Prices: SEMOpx day-ahead results (ROI index, 17,521 half-hours) for the last 12 months; Ember hourly prices for country comparisons.
  • Gas price-setting share: each half-hour's price compared with that day's estimated cost range for gas plant (British gas price + checked Irish transport tariffs + EU carbon, at assumed efficiencies of 0.45-0.53 (mid 0.49), gross-CV basis). An estimate.
  • Ireland − GB split: matched hours bucketed by interconnector flows (EirGrid Smart Grid Dashboard). An accounting split, not causation.

Sources

Numbers on this page are read from our data build of 10 October 2026 and update when it changes. Text marked Our reading is our analysis, not a sourced fact. Found a mistake? See corrections; method notes are on methodology.

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