Gas prices in Ireland rose by 37% on average in the first half of 2022 compared to the same period last year with electricity prices up 7%, according to new figures published by the EU.
The latest figures also show the rate of increase in energy costs in Ireland has been moderate compared to many EU member states.
It has resulted in Irish gas and electricity prices becoming comparatively cheaper than other EU countries in the first six months of 2022, despite substantial increases in electricity and gas bills for households in the Republic.
The trend is unlikely to provide any comfort for Irish consumers as the figures do not take account of price hikes in energy bills due to take effect in the second half of 2022.
The latest figures show electricity prices across the 27 EU member states increased from €22.03 per 100 kilowatt hours in June to reach €25.25 per 100kWh in the first half of this year– an average increase of 14.6%.
The rate of increase in Ireland over the same period was half the EU average with prices up from €25.55 to €27.41 per 100kWh – a rise of 7.3%.
The changes mean electricity costs for Irish consumers at the end of June were the 7 th most expensive across the 27 EU member states compared to the 4 th most expensive in the first half of 2021.
Similarly, gas prices in Ireland were the 10 th highest in the EU in June 2021 but are now the 12 th most expensive, according to the latest figures.
They show average gas prices in the Republic rose from €6.20 per 100kWh to €8.47 over the same period – an increase of 36.8%.
The rate of increase in gas prices in Ireland was similar to the EU average where prices went up from €6.38 to €8.61 per 100kWh – an increase of 35%.
The European Commission also noted energy costs have risen further as wholesale prices for electricity and gas have increased substantially across the EU since July
A spokesperson for the European Commission said energy and supply costs had been impacted by the current geopolitical situation with the increases mainly driven by “the Russian military aggression in Ukraine.”
The latest figures show the proportion of energy bills represented by taxes and levies decreased significantly in the first six months of the year as governments across EU member states put in place allowances and subsidies to ease the burden of high energy costs for consumers.
Across the EU the average share of taxes in electricity bills dropped from 39% to 24% compared to the first half of 2021
The proportion of taxes reduced from 36% to 27% on average across the EU in relation to gas bills for the same period.
Electricity prices in the first half of 2022 rose in 22 EU member states with the rate of increase in excess of 50% in the Czech Republic, Denmark, Estonia and Romania.
The highest electricity prices in the EU are in Denmark at over €45 per 100kwH.
In contrast, electricity prices fell in five countries including the Netherlands where they were cut by a dramatic 54% as a result of government subsidies and allowances and are now the cheapest in the EU at just under €6 per 100kWh.
Gas prices rose in 23 of the 24 countries for which data was available in the first six months of the year with Hungary the only exception as it regulates energy costs.
Price rises in the cost of electricity for Irish business customers was substantially higher than for domestic customers as they rose by 41.8% to 24.17 per 100kWh.
Nevertheless, the rate of increase was more moderate than other countries with the result that electricity prices for business users in the Republic have gone from the 5 th most expensive in the EU to 8 th position.
Despite gas prices for Irish businesses increasing by 100% in the space of 12 months to €7.27 per 100kWh, higher increases in other countries has seen Ireland move from being the 11 th most expensive country to the 7 th cheapest over the period for non-domestic users.
