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Ireland’s wholesale electricity prices fell by nearly 46% in 2023

In 2023, Ireland’s wholesale electricity prices were 46% below their 2022 level, according to the Irish Central Statistics Office (CSO). Wholesale electricity rates fell by more than a quarter from November to December 2023, down 28%, and December 2023 wholesale prices were 68% below their December 2022 level. This fall comes as wind power generation surged during 2023, covering 35% of Ireland and Northen Ireland’s electricity supply in 2023, with a peak at 50% of the electricity supply in December 2023. In December 2023, wholesale electricity prices were at their lowest point since April 2021, prompting Ireland’s energy providers move to cut tariffs in order to remain competitive. 

Wholesale gasoline and diesel prices were also lower in 2023 (-4.7% for gasoline and -7.8% for diesel on average), even if their December 2023 level was slightly higher than in December 2022.

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