As a business owner in Ireland, you wear many hats. From managing daily operations to planning long-term strategies, there's no shortage of responsibilities. Among these, understanding electricity rates might not seem like the most thrilling task on your to-do list, but it certainly deserves a spot. This blog post aims to demystify electricity rates in Ireland, providing insights that could help you make informed decisions for your business.

Since the beginning of 2024, wholesale electricity and gas prices in Ireland have decreased by 10%, following a 50% drop in 2023. This came after a challenging year in 2022 when prices tripled due to Russia's invasion of Ukraine and Europe's decision to stop purchasing natural gas from Russia. Consequently, electricity and gas prices have been very high for both businesses and consumers.

Conflict, climate, and global politics influence the cost of energy in Ireland. Although these events occur at a distance, an intensification of the ongoing conflict between Israel and Iran could affect the prices we pay to heat and run our businesses this winter.

Provided that natural gas storage remains robust, supply remains uninterrupted, weather conditions are mild or normal, and there are no political conflicts affecting energy-exporting nations, we might witness a further reduction in wholesale energy prices in early 2025.

Here at EnergyBroker we consider a Large Energy User to be any business where electricity is metered half hourly and gas is measured daily. LEU contracts can be fixed or variable. Deciding on what option to take often depends on the level of energy expertise within an organisation.

Businesses vary greatly in size and scope. Consequently, suppliers categorise their corporate clients into two groups: (i) small and medium energy users and (ii) large energy users.