Wholesale electricity prices have fallen by more than 70% since August last year, according to new figures from the Central Statistics Office.

Although there was an increase of 10% since July 2023, prices were 72% lower in August compared to the same time last year.

Last summer, wholesale gas and electricity prices reached record-high levels across Europe.

Electricity prices in January this year were 98% higher than they were in January 2021, as a result of the disruption of supply chains in the international energy market.

This week, Bord Gáis Energy said it will cut its gas and electricity prices by 15.5% from November.

The utility is also reducing its standing charges by the same amount in its first price cut in over three years.

However, the Commission for the Regulation of Utilities has warned household energy prices are unlikely to return to 2020 levels.

“It is probable that retail prices will not return to the levels seen in 2020 / early 2021, given that the EU is now importing more expensive LNG, instead of Russian gas, likely on a permanent basis,” the report said.

“While wholesale and gas prices have reduced, they remain substantially above average prices in 2020 and early 2021.

“Ireland is more reliant on gas for power generation than many EU member states.”