Irish households are bracing for power price increases next year, according to analysts.
A new report forecasting power prices out to 2030 has revealed a significant jump in short-term costs.
The data, compiled by Cornwall Insight’s All-Island Power Market Outlook to 2023, predicts that in 2024, prices will soar to nearly €190 (£166) per MWh, a figure three times higher than the average prior to 2021.
This surge in the near term forecast has been attributed to disruptions in Norwegian gas production, which have placed immense pressure on supply and subsequently driven up European gas prices.
As a consequence, consumers in Ireland may find their energy bills remaining high throughout the coming year.
Tom Musker, Modelling Manager at Cornwall Insight, said: “This report underscores how exposed Ireland’s energy sector is to fluctuations in global wholesale prices.
“Irish consumers could see the high cost of power reflected in their energy bills over the next two years, putting further pressure on struggling households and businesses.”
