Irish wholesale electricity prices climb almost 77% in August amid global energy shock

Irish wholesale electricity prices climbed by almost 77 per cent in August compared with the same month last year, new Central Statistics Office (CSO) figures revealed, as the global shock triggered by the US-Israeli war in Iran continued to heap pressure on energy markets. Wholesale electricity prices – the prices paid for electricity by energy retailers like Bord Gáis Energy and Energia, among others, before selling it on to domestic and commercial consumers – are the main determinant of domestic energy bills. The CSO’s latest wholesale price index reveals that the price of a basket of wholesale energy products, including petrol, diesel, and electricity, rose by 10 per cent in the month of August from July. It had also risen by 64.7 per cent in the 12 months to the end of the month. Within the basket, electricity saw the biggest annual increase, rising 76.9 per cent. READ MOREMore to follow..