Wholesale electricity prices fell by 6.4% in March, but were still more than 50% higher than the previous year, CSO figures show.

The latest Wholesale Price Index figures released by the CSO show that electricity prices rose by 52% in the 12 months to March 2025.

The wholesale price is what energy companies pay to buy electricity, and the retail price is what they charge to customers.

If wholesale prices go up, then retail prices will eventually follow. In reverse, if wholesale electricity prices go down, people would hope that the price charged to customers will follow.

For the first half of 2024 wholesale electricity prices remained mostly stable, but from September onwards, they began to increase steadily for the rest of the year aside from a brief dip in December.

In January, wholesale prices stood at their highest level since December 2022, but they have been falling again throughout the year.

While they have increased significantly year-on-year, wholesale electricity prices in Ireland are down 66% from their peak in August 2022.

Electricity prices surged in Ireland and across Europe that year when the Russian invasion of Ukraine threw energy markets into chaos.

Increases in wholesale electricity costs can lead to electricity suppliers announcing changes to their rates, which can significantly impact people’s electricity bills.

Keeping a close eye on electricity price changes and comparing plans to switch is the best way for households in Ireland to save money on their electricity bills.