WHOLESALE ELECTRICITY PRICES have jumped by almost 77% in one year, new data from the Central Statistics Office (CSO) revealed.

Electricity prices climbed 9.6% on a monthly basis in August and were 76.9% above August 2025 levels.

Wholesale electricity prices are what generators charge suppliers on the open market, while household prices are the total retail costs billed to customers.

Much of Ireland’s wholesale electricity comes from imported natural gas. 

While household electricity prices are yet to see the effects of the spike, bills are set to increase by around €41.25 a year from October to facilitate an upgrade to the electricity grid. 

Meanwhile, as a result of the war in the Middle East, fuel costs including petrol and diesel have increased monthly by 11% in the same period, marking an annual rise of 34.5%.

However, there has been a decrease in producer prices for food products, which has fallen by 2.1% in August on a monthly basis.

Last year, these prices were up by 0.6%. 

Meat and meat products in particular were shown to be down by 9.6%.

Labour Party spokesperson on Finance Ged Nash outside Leinster House today Rolling News Rolling News

Speaking outside Leinster House today, Labour’s finance spokesperson Ged Nash said that the spike in electricity prices is “exactly why we need targeted energy credits”.

“We have said a €400 credit for households with less than €80,000 of income a year, an energy credit should be received by them,” Nash believed.

This would be raised by a “windfall tax close to 500 million” imposed on the supernormal profits of energy companies.

Nash added that “energy companies aren’t making these super-normal profits because of the genius of their engineers and business managers, they’re making these profits because of a very volatile international situation”.

Social Democrats Senator Patricia Stephenson remarked that the increase in electricity prices was “awful” and a worry for workers and households.

“It is compounding the difficulty that is already existing for households, but it’s going to make it so much worse as we come into the winter months”, she said.