Electricity & Gas Prices in Ireland. 2 nd Semester (July December) 2013

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1 Electricity & Gas Prices in Ireland 2 nd Semester (July December) 2013

2 ENERGY POLICY STATISTICAL SUPPORT UNIT

3 Electricity & Gas Prices in Ireland 2 nd Semester (July December) 2013 Report prepared by Martin Howley & Mary Holland Energy Policy Statistical Support Unit June 2014

4 2 ENERGY POLICY STATISTICAL SUPPORT UNIT Sustainable Energy Authority of Ireland The Sustainable Energy Authority of Ireland was established as Ireland s national energy authority under the Sustainable Energy Act SEAI s mission is to play a leading role in transforming Ireland into a society based on sustainable energy structures, technologies and practices. To fulfil this mission SEAI aims to provide well-timed and informed advice to Government, and deliver a range of programmes efficiently and effectively, while engaging and motivating a wide range of stakeholders and showing continuing flexibility and innovation in all activities. SEAI s actions will help advance Ireland to the vanguard of the global green technology movement, so that Ireland is recognised as a pioneer in the move to decarbonised energy systems. SEAI s key strategic objectives are: Energy efficiency first implementing strong energy efficiency actions that radically reduce energy intensity and usage; Low-carbon energy sources accelerating the development and adoption of technologies to exploit renewable energy sources; Innovation and integration supporting evidence-based responses that engage all actors, supporting innovation and enterprise for our low-carbon future. The Sustainable Energy Authority of Ireland is financed by Ireland s EU Structural Funds Programme co-funded by the Irish Government and the European Union. Energy Policy Statistical Support Unit (EPSSU) SEAI has a lead role in developing and maintaining comprehensive national and sectoral statistics for energy production, transformation and end use. This data is a vital input in meeting international reporting obligations, for advising policymakers and informing investment decisions. Based in Cork, EPSSU is SEAI s specialist statistics team. Its core functions are to: Collect, process and publish energy statistics to support policy analysis and development in line with national needs and international obligations; Conduct statistical and economic analyses of energy services sectors and sustainable energy options; Contribute to the development and promulgation of appropriate sustainability indicators. Sustainable Energy Authority of Ireland Reproduction of the contents is permissible provided the source is acknowledged.

5 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) Highlights This report analyses electricity and natural gas price data published by Eurostat, collected for Ireland and other European countries under the methodology for the EU Gas and Electricity Price Transparency Directive 90/377/EEC as amended by Council Decision 2007/394/EC. Since 2008, comparable data for all EU states is published every six months. The focus of this latest report is on the comparative electricity and gas price data for the second semester (July December) of 2013, classified into different customer bands. The report uses updated and revised data from Eurostat. Global Energy Prices There has been significant fluctuation in oil and gas prices since Crude oil prices peaked in July 2008 at $148 per barrel. The average price over the year in 2008 was $97. During the second half of 2013 the average price of a barrel of oil was $110, an increase of 2.2% relative to the first half of During the first semester of 2013 at the UK gas balancing point there was a 7.5% increase in the euro price of gas followed by a 4.6% fall in the second semester. Electricity Price to Business Consumers Electricity prices in Ireland for business customers remained relatively stable during the second half of 2013 with bands IC, ID and IF experiencing increases of just 0.6%, 0.4% and 0.5% respectively. Prices in band IA, IB and IE fell respectively by 3.6%, 0.4% and 1.2% compared with the previous semester. In this semester, the consumption bands ID and IF, representing 33% of the business electricity market in Ireland, disimproved one place each to rank at 5 th and 8 th respectively most expensive in the EU. During the same semester, bands IA, IB and IE improved one place to 8 th, 6 th and 8 th respectively. These bands represented 49% of the business electricity market. Ranking band IC remained the same at 5 th place. Over the 12 months to the end of 2013 prices in bands IC and ID respectively fell by 1.7% and 2.7%, while prices in the EU increased by 2.4% and 1.9% respectively. The larger consumption band I4, which represents 37% of the market, experienced a smaller increase of 3.2%. Prices for gas to business in Ireland ranked above the EU average in all consumption bands, ranging from 2% above in band I1 to 19% above in band I3. Ireland was ranked 4 th most expensive of the EU countries for gas price to business in band I3. It was ranked 8 th in band I1 and 11 th in bands I2 and I4. Electricity Price to Households The price of electricity to households in the second semester of 2013 increased for all levels of consumption, with an average increase of 5.5%. The average increase was 1.3% in the EU and 1.4% in the Euro Area. Ranking in the two main consumption bands DC and DD, which represent 81% of the household electricity market, remained the same as in the previous semester at 4 th and 6 th most expensive. Prices in these bands were 20% and 9% respectively above the EU average. When purchasing power parities are applied, prices in these bands were 11% and 1% above the EU average. Natural Gas Price to Households In the second semester of 2013 natural gas prices to residential customers in Ireland increased by 10.6% for most (94%) consumers. Gas prices to Irish households moved to a position of 2% above the EU average during this semester compared to being at the EU average in the previous semester. Gas prices to residential customers in Ireland remained 8.5% below the Euro Area average. When purchasing power parities are applied, gas prices to Irish households were 5% below the EU average. Natural Gas Price to Business Consumers In the second semester of 2013 natural gas prices to business customers in Ireland increased in all consumption bands compared with the previous semester. The increase in bands I1, I2 and I3, representing 47% of the market, was 11.6% on average.

6 4 ENERGY POLICY STATISTICAL SUPPORT UNIT Overview Business Electricity Prices (ex-vat) 2 nd Semester 2013 Business Electricity Band Share Ireland c/kwh Ireland relative to: Ranking in: Semester price change: EU Euro Area EU (30) Euro Area(17) Ireland EU Euro Area Band IA 7.6% % 92% % 3.3% 3.5% Band IB 33.7% % 106% % 0.8% 1.1% Band IC 17.2% % 109% % -0.9% -0.6% Band ID 28.7% % 103% % -0.2% -0.1% Band IE 8.1% % 105% % 0.1% 0.9% Band IF 4.7% % 109% % -3.2% -3.2% & SEAI Business Gas Prices (ex-vat ) 2 nd Semester 2013 Business Gas Band Share Ireland c/kwh Ireland relative to: Ranking in: Semester price change: EU Euro Area EU (25) Euro Area(14) Ireland EU Euro Area Band I1 9.2% % 98% % 3.4% 3.0% Band I2 15.2% % 99% % -3.0% -4.8% Band I3 22.8% % 115% % -3.1% -4.2% Band I4 37.1% % 103% % -0.9% -0.6% Band I5 15.7% % -4.0% & SEAI Residential Electricity Prices (all taxes included) 2 nd Semester 2013 Household Electricity Band Share Ireland c/kwh Ireland relative to: Ranking in: Semester price change: EU Euro Area EU (30) Euro Area(17) Ireland EU Euro Area Band DA 1.3% % 191% % 1.3% 5.3% Band DB 8.9% % 132% % 1.3% 3.0% Band DC 32.7% % 113% % 0.8% 2.8% Band DD 48.3% % 100% % 1.8% 3.4% Band DE 8.7% % 90% % 1.2% 2.0% & SEAI Residential Gas Prices (all taxes included) 2 nd Semester 2013 Household Band Ireland Ireland relative to: Ranking in: Semester price change: Gas Share c/kwh EU Euro Area EU (25) Euro Area Ireland EU Euro Area (13) Band D1 4.4% % 74% % 16.3% 15.9% Band D2 93.6% % 92% % 8.1% 8.2% Band D3 2.0% % 97% % -0.6% -1.9% & SEAI Note: A ranking of 1 denotes most expensive.

7 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) Table of Contents Highlights 3 Overview 4 1 Introduction 8 2 Factors Affecting Electricity and Gas Prices in Ireland Global Energy Prices Fuel Mix for Electricity Generation Investment in Electricity and Gas Infrastructure Share of Taxes in the Prices Paid by Consumers in Europe Purchasing Power 18 3 Energy Prices for Business Business Electricity Prices Business Electricity Prices in Consumption Band IB Business Electricity Prices in Consumption Band IC Business Electricity Prices in Consumption Band ID Business Electricity Prices EU Comparison Business Electricity Prices Euro Area Comparison Disaggregation of Business Electricity Prices Business Gas Prices Business Gas Prices in Consumption Band I Business Gas Prices in Consumption Band I Business Gas Prices EU Comparison Business Gas Prices Euro Area Comparison 45 4 Energy Prices for Households Residential Electricity Prices Residential Electricity Prices in Consumption Band DC Residential Electricity Prices in Consumption Band DD Residential Electricity Prices EU Comparison (in ) Residential Electricity Prices EU Comparison (in PPP) Residential Electricity Prices Euro Area Comparison (in ) Disaggregation of Residential Electricity Prices Residential Gas Prices Residential Gas Prices EU Comparison (in ) Residential Gas Prices EU Comparison (in PPP) Residential Gas Prices Euro Area Comparison (in ) 64 References 66 Appendix 1 Electricity & Gas Prices in Ireland 67 Appendix 2 Methodologies for Assessing Prices 68

8 6 ENERGY POLICY STATISTICAL SUPPORT UNIT Table of Figures Figure 1 Crude Oil Price Trend 2007 to January 21 st Figure 2 Exchange Rates 2008 to May 8 th Figure 3 Natural Gas System Average Price (p & c/kwh) (actual day UK balancing point) 2009 to May 6 th Figure 4 Gross Electricity Generation from Fossil Fuels (excl. peat) in Europe (2012) 11 Figure 5 Public Service Obligation Levy cost breakdown Figure 6 Business Electricity Prices (ex-vat) in band IB (2 nd semester 2007 to 2 nd semester 2013) 20 Figure 7 Percentage change (national currency) in business electricity price (band IB) semester and 12 months 22 Figure 8 Business Electricity Prices (ex-vat) in band IB relative to EU and Euro Area 23 Figure 9 Business Electricity Prices (ex-vat) in band IC (2 nd semester 2007 to 2 nd semester 2013) 24 Figure 10 Percentage change (national currency) in business electricity price (band IC) semester and 12 months 26 Figure 11 Business Electricity Prices (ex-vat) in band IC relative to EU and Euro Area 27 Figure 12 Business Electricity Prices (ex-vat) in band ID (2 nd semester 2007 to 2 nd semester 2013) 28 Figure 13 Percentage change (national currency) in business electricity price (band ID) semester and 12 months 30 Figure 14 Business Electricity Prices (ex-vat) in band ID relative to EU and Euro Area 31 Figure 15 Business Electricity Prices (ex-vat) 2 nd Semester Figure 16 Business Gas Prices (ex-vat) in band I3 (2 nd semester 2007 to 2 nd semester 2013) 36 Figure 17 Percentage change (national currency) in business gas price (band I3) semester and 12 months 38 Figure 18 Business Gas Prices (ex-vat) in band I3 relative to EU and Euro Area 39 Figure 19 Business Gas Prices (ex-vat) in band I4 (2 nd semester 2007 to 2 nd semester 2013) 40 Figure 20 Percentage change (national currency) in business gas price (band I4) semester and 12 months 42 Figure 21 Business Gas Prices (ex-vat) in band I3 relative to EU and Euro Area 43 Figure 22 Business Gas Prices (ex-vat) 2 nd Semester Figure 23 Residential Electricity Prices (all taxes included) in band DC (2 nd semester 2007 to 2 nd semester 2013) 47 Figure 24 Percentage change (national currency) in household electricity price (band DC) semester and 12 months 49 Figure 25 Residential Electricity Prices (all taxes included) in band DC relative to EU and Euro Area 50 Figure 26 Residential Electricity Prices (all taxes included) in band DD (2 nd semester 2007 to 2 nd semester 2013) 51 Figure 27 Percentage change (national currency) in household electricity price (band DD) semester and 12 months 53 Figure 28 Residential Electricity Prices (all taxes included) in band DD relative to EU and Euro Area 54 Figure 29 Residential Electricity Prices (all taxes included) 2 nd Semester Figure 30 Residential Gas Prices (all taxes included) in band D2 (2 nd semester 2007 to 2 nd semester 2013) 59 Figure 31 Percentage change (national currency) in household gas price (band D2) semester and 12 months 61 Figure 32 Residential Gas Prices (all taxes included) in band D2 relative to EU and Euro Area 62 Figure 33 Residential Gas Prices (all taxes included) 2 nd Semester

9 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) Table of Tables Table 1 Percentage of Gross Electricity Generation from Fossil Fuels (excl. peat) in Europe (2012) 12 Table 2 South North Pipeline Tariff 13 Table 3 Interconnectors, Inch and Onshore Tariff 13 Table 4 Electricity Prices and Taxes for Industrial Consumers in band IC (2 nd semester 2013) 15 Table 5 Gas Prices and Taxes for Industrial Consumers in band I3 (2 nd semester 2013) 16 Table 6 Electricity Prices and Taxes for Residential Consumers in band DC (2 nd semester 2013) 17 Table 7 Gas Prices and Taxes for Residential Consumers in band D2 (2 nd semester 2013) 18 Table 8 Categories for Business End Use of Electricity 19 Table 9 Business Electricity Prices in band IB in Europe (S to S2 2013) 21 Table 10 Business Electricity Prices in band IC in Europe (S to S2 2013) 25 Table 11 Business Electricity Prices in band ID in Europe (S to S2 2013) 29 Table 12 Business Electricity Prices (cents) in Ireland (2 nd semester 2013) EU Comparison 31 Table 13 Ireland s Ranking in EU for Business Electricity Prices (ex-vat) 32 Table 14 Business Electricity Prices (cents) (2 nd semester 2013) Euro Area Comparison 33 Table 15 Disaggregated Business Electricity Prices 2 nd Semester Table 16 Categories for Business End Use of Natural Gas 35 Table 17 Business Gas Prices in band I3 in Europe (S to S2 2013) 37 Table 18 Business Gas Prices in band I4 in Europe (S to S2 2013) 41 Table 19 Business Gas Prices in Ireland (2 nd semester 2013) EU Comparison 44 Table 20 Ireland s Ranking in EU for Business Gas Prices (ex-vat) 44 Table 21 Business Gas Prices in Ireland (2 nd semester 2013) Euro Area Comparison 45 Table 22 Categories for Residential End Use of Electricity 46 Table 23 Residential Electricity Prices in band DC in Europe (S to S2 2013) 48 Table 24 Residential Electricity Prices in band DD in Europe (S to S2 2013) 52 Table 25 Residential Electricity Prices (cents) (all taxes included) in Ireland (2 nd semester 2013) EU Comparison 54 Table 26 Ireland s Ranking in EU for Residential Electricity Prices (all taxes included) 55 Table 27 Residential Electricity Prices at Purchasing Power Parity (2 nd Semester 2013) EU Comparison 55 Table 28 Residential Electricity Prices ( ) in Ireland (2 nd semester 2013) Euro Area Comparison 56 Table 29 Disaggregated Residential Electricity Prices 2 nd Semester Table 30 Categories for Residential End Use of Natural Gas 58 Table 31 Residential Gas Prices in band D2 in Europe (S to S2 2013) 60 Table 32 Residential Gas Prices in Ireland (2 nd semester 2013) EU Comparison 62 Table 33 Ireland s Ranking in EU for Residential Gas Prices (all taxes included) 63 Table 34 Residential Gas Prices (Purchasing Power Parity) (2 nd semester 2013) EU Comparison 64 Table 35 Residential Gas Prices in Ireland (2 nd semester 2013) Euro Area Comparison 64 Table 36 Business Electricity Prices 2 nd Semester Table 37 Business Gas Prices 2 nd Semester Table 38 Residential Electricity Prices 2 nd Semester Table 39 Residential Electricity Prices (Purchasing Power Parities) 2 nd Semester Table 40 Residential Gas Prices 2 nd Semester Table 41 Residential Gas Prices (Purchasing Power Parities) 2 nd Semester

10 8 ENERGY POLICY STATISTICAL SUPPORT UNIT 1 Introduction 1 Introduction The fluctuations in energy prices over the past number of years are a key concern for all energy consumers in Ireland, as they impact on the rate of inflation and on competitiveness. Understanding the main contributing factors and the precise impacts of energy price changes is of key importance in developing appropriate, sensible and measured responses from businesses, householders and policymakers. Comparing energy prices in Ireland with those of other EU Member States and elsewhere is a particularly important aspect of any analysis of the impact of price changes and competition. This report seeks to inform that analysis and thereby increase the understanding of energy price changes in Ireland. This report draws on the results of the improved EU methodology for gathering energy price data that came into effect on 1 st January The focus of the report is on the electricity and gas price data gathered under this improved methodology and on the period July December 2013, i.e. the second semester 2013 (S2 2013). Revisions to Eurostat s data have been incorporated into this report. Eurostat data presented in this report are as posted on Eurostat s website 1 on 20 th May An addition to this report is a disaggregation of electricity prices into the components of energy and supply, network costs, and taxes and levies for the second semester of See sections and Charts showing the percentage change in price in the last semester and the last 12 months now show the change in national currency rather than the euro values. This better reflects the actual price inflation in the individual countries as it omits currency fluctuations. The report is structured as follows: Section 2 provides a context for the analysis, touching on global factors affecting energy prices, discussing some characteristics that particularly impact on prices in Ireland. Section 3 focuses on electricity and gas prices paid by industrial and services (business) customers, informing the discussion on impacts of energy price changes for business in Ireland. Section 4 focuses on price changes for residential customers, comparing prices for households in Ireland with those of other EU Member States. Appendix 1 shows the average electricity and natural gas prices in the various consumption bands in Ireland during the 2 nd semester Six separate Annexes are available in pdf from detailing, for the latest five semesters, for all countries and all consumption bands, the electricity and gas price to business and residential consumers. There are separate annexes for gas prices in GJ and kwh. Tables in the Annexes show the ex-tax, ex-vat and all-taxes-included prices for all categories. SEAI acknowledges the co-operation of electricity and gas suppliers in providing the information necessary for Ireland to comply with the European Commission Decision (2007/394/EC) 2 and enabling this analysis to be carried out. This is the thirteenth edition of this report focusing on energy prices. Feedback and comments on the report are welcome and should be addressed by post to the address on the back cover or by to Readers may also be interested in previous statistical analysis related to energy prices carried out by SEAI. The report Energy in Ireland (2013 Report) tracks changes in aggregated energy prices from The report Energy in Industry 2007 assesses the significance of energy costs as a proportion of the overall cost base for business enterprises, drawing on data from the CSO s Census of Industrial Production. Both reports are available from www. seai.ie/statistics Amending Directive 90/377/EEC with regard to the methodology to be applied for the collection of gas and electricity prices charged to business and household end-users.

11 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) Factors Affecting Electricity and Gas Prices in Ireland There are a number of factors that influence energy prices in Ireland and how prices here compare with prices elsewhere. These factors include, but are not limited to, imported fuel prices, energy infrastructure investment costs, Ireland s electricity generating fuel mix and non-energy costs that affect energy prices (for example, taxes levied, employment costs, raw material and shipping costs). 2.1 Global Energy Prices The most significant factor affecting energy prices in Ireland is change in global oil prices which have shown dramatic fluctuations in recent years. This has particular effect in Ireland due to our high dependence on oil. In addition there is the knock-on impact that oil prices have on other energy prices, in particular natural gas and as a consequence electricity prices. According to Ireland s energy balance, oil accounts for 57% of Total Final Consumption (TFC) 4 in Ireland, 98% of transport TFC, 33% of residential TFC, 23% of industry TFC, 27% of services TFC and 45% of Ireland s primary energy supply 5. According to EU statistics 6, Ireland s oil dependence (as a proportion of primary energy supply) is the fifth highest in the EU. Figure 1 tracks the nominal crude oil prices 7 over the period As shown in Figure 1, crude oil prices doubled between July 2007 and July During the first semester (S1) of 2008, nominal crude oil prices increased by 39%. After July 2008, there was a sharp decline in the price of crude oil to a low of around $34/barrel in late December Average oil prices rose steadily during the second half of 2010 and peaked at $127/barrel at the start of May During the first half of 2012 the average price of crude oil was $113/barrel and settled back to $110/barrel during the second half of the year. The average price of crude oil fell further to $107/barrel in the first half of 2013 but increased again to an average of $110/barrel during the second half. This compares with an average price in 2008 of $97/barrel and 80/barrel in Electricity and Gas Prices in Ireland Figure 1 Crude Oil Price Trend 2007 to June 2 nd Nominal Prices $/barrel Jul 02, 2007 Jul 02, 2008 Jul 02, 2009 Jul 02, 2010 Jul 02, 2011 Jul 02, 2012 Jul 02, S S S S1 Europe Brent Spot Price FOB ($/Barrel) Source: EIA S S S S S S S S S2 3 For the latest energy balance see 4 Total Final Consumption represents all energy that end users are billed for directly. 5 Primary Energy Supply is the TFC plus primary energy used in transformation (electricity generation, oil refining, peat briquetting, etc.) 6 Eurostat, Energy Statistics Database, (nrg_100a, nrg102a). 7 These prices are daily spot prices of Brent crude oil, which is sourced from the North Sea, and are used as a benchmark to price European, African and Middle Eastern oil that is exported to the West. 8 The Energy Information Administration (EIA) is a statistical agency of the U.S. Department of Energy that publishes price energy data at

12 10 ENERGY POLICY STATISTICAL SUPPORT UNIT Figure 2 Exchange Rates 2008 to May 8 th Sterling Dollar 2 Electricity and Gas Prices in Ireland Euro Exchange Rates Source: Central Bank of Ireland Figure 2 tracks exchange rates from 2008 to Economic uncertainty in Europe caused a fall in the value of the euro 9 of approximately 7.8% against the dollar and 7.9% against sterling during the twelve months of the second half of 2011 and the second half of These losses were slightly recouped during 2013 with the Euro value increasing by 5.4% against the dollar and 6.0% against sterling. These currency changes contributed to the changing cost of gas and subsequently electricity in Ireland. Figure 3 Natural Gas System Average Price (p & c/kwh) (actual day UK balancing point) 2009 to June 4 th Sterling Euro c/kwh S S S S S S S S S S2 0 Source: National Grid UK emeu/international/contents.html 9 Central Bank of Ireland, Exchange Rates,

13 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) Figure 3 shows the actual day System Average Price for gas at the UK balancing point. This is the average price of all gas traded via the On the Day Commodity Market (OCM) mechanism 10. This illustrates the trend in the wholesale price of gas and the effect of the currency fluctuation on the price paid in Ireland. Since the second half of 2009 the price has been increasing steadily and on average the price in the second half of 2013 was 170% higher than at the end of 2009 in sterling terms and 190% higher in euro terms. More recently, on average between the first semester of 2013 and the second semester of 2013 the price in sterling fell by 5% which corresponds to a euro price decrease of 4.6%. Interestingly between the 1 st January and 4 th June 2014 there has been a 36% fall in the sterling System Average Price at the UK balancing point. 2.2 Fuel Mix for Electricity Generation The fuel mix for electricity generation has a key bearing on the variation in the price of electricity in different countries. This is particularly significant with respect to an electricity fuel mix which relies on internationally traded fuels such as gas, oil and coal. During periods of volatile price movements in these fuels there is a strong knock-on impact on electricity prices. Other factors that affect electricity prices include the level of competition in electricity generation, labour costs, taxation policy and the level of investment in infrastructure (i.e. improving the transmission and distribution networks). Figure 4 and Table 1 show the percentage of electricity generation in Europe that is fossil fuel based (coal, oil & gas) and separately the proportion of electricity generated from gas and oil. Figure 4 Gross Electricity Generation from Fossil Fuels (excl. peat) in Europe (2012) 100% 2 Electricity and Gas Prices in Ireland 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: Based on Eurostat data % Gross electricity generation from coal, oil and gas % Gross electricity generation from oil and gas As highlighted in Table 1, Ireland has close to the highest overall dependency of electricity generation on fossil fuels at 71%, behind the Netherlands at 79%, Cyprus 95% and Malta at 99%. Ireland also has a high dependency on oil and gas generation at 51%. Apart from Malta and Cyprus, only Lithuania, Luxembourg and the Netherlands at 62%, 63% and 55% respectively have higher gas and oil generation dependency than Ireland. Regarding gas dependency in electricity generation, Ireland has the fourth highest share at 50% behind Lithuania, Luxembourg and the Netherlands. 10

14 12 ENERGY POLICY STATISTICAL SUPPORT UNIT Table 1 Percentage of Gross Electricity Generation from Fossil Fuels (excl. peat) in Europe (2012) Austria Belgium Bulgaria Croatia Czech Republic Cyprus Percentage electricity generated from: Coal, Oil & Gas 20% 33% 11% 50% 7% 95% 49% 2% 20% 8% 32% 32% 28% 71% Gas & Oil 14% 29% 5% 29% 1% 95% 15% 2% 10% 5% 14% 32% 28% 51% Gas 13% 28% 5% 24% 1% 0% 14% 1% 10% 4% 12% 22% 27% 50% Denmark Estonia Finland France Germany Greece Hungary Ireland 2 Electricity and Gas Prices in Ireland Percentage electricity generated from: Coal, Oil & Gas 66% 33% 62% 63% 99% 79% 55% 56% 18% 16% 6% 48% 1% 68% 36% Gas & Oil 49% 33% 62% 63% 99% 55% 5% 28% 16% 12% 3% 30% 1% 28% 20% Gas 43% 33% 57% 63% 0% 54% 4% 23% 15% 10% 3% 25% 1% 28% 18% Italy Latvia Lithuania Luxembourg Malta Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden United Kingdom EU Investment in Electricity and Gas Infrastructure Investment in electricity and gas infrastructure assets is a further contributing factor to electricity and gas prices, depending on the level of costs and the extent to which these costs are passed through to final customers. In terms of electricity infrastructure, Ireland relies on an extensive high-voltage transmission network and a medium- and low-voltage distribution network to transport electricity from electricity generation locations to consumers. Rapid growth in electricity demand in Ireland (3.6% per annum average annual growth ) coupled with a long period of significant under-investment in the electricity transmission and distribution networks led to a network investment programme since 2000, in both transmission and distribution networks. The Transmission System Operator (TSO), EirGrid, and Transmission Asset Owner (TAO), ESB Networks, are allowed to recover revenue from the Transmission Use of System (TUoS) customer over the period 2011 to 2015, to cover their costs. The allowed revenues are reviewed annually. For the period , the Commission for Energy Regulation approved an expenditure of 1.45 billion for the transmission system (CER, Decision Paper CER/10/ ) and 2.3 billion for the distribution system (CER, Decision Paper CER/10/ ). According to the CER 13, the transmission average unit price (AUP) for the tariff period of 1 st October 2013 to 30 th September 2014 is estimated to be 1.26 c/kwh, a 9.2% increase from the previous twelve month period. The significant rise in the transmission AUP according to the CER can be attributed mostly to the following factors: the continued ramp-up in transmission capital expenditure so to allow Ireland to meet its 2020 renewables targets ( 330 million in 2014 compared with 313m in 2013, an increase of 5.4%); the continued weak energy throughput growth in the PR3 period, which reflects the current economic climate. It is important to note that the PR3 model of November 2010 (CER/10/102f) assumes energy throughput for the period 2013/2014 of 28,862 GWh. The current forecast for the same period is for 25,650 GWh a 12.5% difference. For the distribution system the AUP for Distribution Use of System charge for the 1 st October 2013 to 30 th September 2014 period is 3.35c/kWh. This is a 2.4% increase relative to the AUP of 3.27c/kWh for the previous twelve month period. The natural gas transmission network in Ireland has been operated by Gaslink since The total transmission network length at the end of 2012 was 2,417 km while that of the distribution networks was 11,131 km. The Irish system has three compressor stations, Beattock and Brighouse Bay in southwest Scotland, and Midleton near Cork. The high pressure transmission network conveys gas from two entry points (at Inch and Moffat) to directly connected customers and distribution networks throughout Ireland, as well as to connected systems at exit points in Scotland (the Scotland-Northern Ireland Pipeline) and the Isle of Man

15 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) The maximum import capacity for the interconnectors is determined by the capability of the compressor stations to deliver high pressure flows into the pipelines. This current limit is 1.24 million cubic metres per hour. According to the latest forecasts from Bord Gáis Éireann s annual report, Ireland s transmission network infrastructure has sufficient capacity to transport the anticipated gas demand to all end consumers into the near future. The current set of revenue controls for the gas transmission and distribution networks (CER/12/196) was published on 23 rd November 2012 and runs until September During the period yearly updates will be completed. The CER directed (CER/13/192) Gaslink to implement the following distribution tariff changes from 1 st October th September Nominal capacity tariff decrease of 1.8% Nominal commodity tariff increase of 4% Nominal overall tariff decrease of 0.4% For the transmission system, the CER directed (CER/13/193) Gaslink to implement the following tariffs from 1 st October th September 2014: Table 2 South North Pipeline Tariff Tariff Element Units South North Pipeline Exit Default Daily Capacity /MWh/per peak day MWh Default Daily Commodity /MWh Table 3 Interconnectors, Inch and Onshore Tariff Tariff Units Interconnectors Inch Onshore Exit Capacity /per peak day MWh Commodity /MWh Electricity and Gas Prices in Ireland 2.4 Share of Taxes in the Prices Paid by Consumers in Europe Another factor that affects the prices paid by consumers is the amount of non-recoverable taxes that are levied on energy. Business can generally recover value-added tax (VAT) but not other taxes including energy taxes, carbon taxes and climate-change levies, so the level of ex-vat taxes is important. Householders cannot generally recover any taxes so the level of total tax levied is important. Table 4 to Table 7 show the level of taxes applicable to assessing price comparisons in Europe for industry and households. In Ireland s case there were no non-recoverable taxes on gas 14 for industry up to the 2 nd semester 2009 but from the 1 st May 2010 carbon tax has been levied. There is a small level of excise duty levied on non-household use of electricity 15 since October The level of VAT levied on households at 11.9% of total price (13.5% VAT is levied on the basic price) is at the lower end compared with the other countries. In addition a Public Service Obligation (PSO) levy is charged to all electricity customers. The PSO levy is designed to support certain peat, gas and renewable generation plant as mandated by Government and approved by the European Commission. The underlying policy objectives are security of energy supply including the use of indigenous fuels and the promotion of renewable energy generation. Figure 5 shows the PSO cost breakdown for the period In the period 2008 to 30 th September 2010 the effective PSO levy was set at zero. This changed for the 2010/2011 period. In that period, peat generation accounted for 50% of the levy, renewables 28%, capacity 9% and other (admin and R-factor correction 16 ) 14%. 14 Emissions trading has resulted in an increase in wholesale electricity prices affecting all customers. The level of increase varies across the EU and depends on the carbon content of fuel mix used in electricity generation and the level of price pass-through to customers. This increase is not explicitly quantified and forms part of the basic electricity price. Emissions trading will also tend to increase the cost of using gas for companies involved in emissions trading. This is not reflected in the basic price nor is it captured in the recoverable or non-recoverable taxes. 15 In accordance with the EU Energy Tax Directive, the Finance Act 2008 introduced excise duty, called electricity tax, on supplies of electricity made on or after 1 October There are two tax rates: 0.50 per megawatt hour (MWh), for electricity supplied for business use; and 1 per MWh, for electricity supplied for non-business use. This is not applied to electricity for residential use. 16 R-factor is the over/under recovery of PSO in the previous period.

16 14 ENERGY POLICY STATISTICAL SUPPORT UNIT Figure 5 Public Service Obligation Levy cost breakdown Electricity and Gas Prices in Ireland Millions / / / / /2014 Renewable Energy Peat Capacity (2005) Other Source: Commission for Energy Regulation (CER) Peat accounted for 35% of the positive costs of the total PSO levy shown in Figure 5 for 2013/2014, renewables 20% and capacity 23%. Admin and R-factor correction, grouped as other in Figure 5, accounted for 21%. From 1 st October domestic electricity consumers are charged a flat rate of 3.57 per month for PSO, a 54% increase on the previous year. Small business consumers have a flat rate charge of per month in 2013/2014, a 52% increase on 2012/2013. Medium and large business consumers are being charged at a rate of 1.54 per month per kva of maximum import capacity - up 56% on the previous year. In June 2014 the CER released a proposed decision paper Public Service Obligation Levy 2014/15 (CER14125) 18 which sets out the proposed PSO cost per customer for 2014/2015. It is proposed that from 1 st October 2014 domestic consumers will be charged a flat rate of 5.25, a 47% increase on the current charge. Small business consumers will have a flat rate charge of 18 per month, a 66% increase. Medium and large consumers will have a proposed charge of 2.78 per month per kva of maximum import capacity, an increase of 81%. The CER notes that the proposed increases are due to; Lower wholesale electricity prices. The estimated wholesale electricity price in the all-island Single Electricity Market (SEM) for the 2014/15 period is 58.41/MWh. This is down circa 9% on the 64.28/MWh used to determine the levy for the current PSO period. A lower wholesale price for next year PSO Levy 14/15 Proposed Decision Paper CER/14/125 results in the PSO plants needing more PSO money to cover their allowed costs, to offset the lower money they are predicted to receive from the market. This applies across-the-board for renewables, peat and security of supply plants supported by the PSO. It is the biggest single driver of the rise in the proposed levy. The lower estimated wholesale price for next year is reflective of a trend in recent months in the SEM of lower spot and forward contracting prices, related to lower gas prices; Lower running of Tynagh, a 400 MW gas plant provided with a PSO for security of supply reasons. In recent years the Tynagh plant has being running less in the SEM due to a variety of factors, including more wind generation being available to run instead. As a result, the plant receives lower revenues from the SEM. Under the terms of its PSO, most of its allowed costs are fixed, and so lower SEM running and revenue is largely being compensated for by a higher PSO payment; and, More renewable generation. Overall the amount of renewable generation, mostly wind, estimated to receive the PSO levy next year is 234 MW more than the current year, hence increasing the levy. Table 4 shows the basic price for electricity and the non-recoverable taxes for industrial electricity consumers whose annual consumption is between 500 and 2,000 MWh 19. The Member States are ranked in increasing order of basic price plus non-recoverable taxes. 17 CER (July, 2013), Public Service Obligation 2013/2014 (CER/13/168), 18 Available from 19 Based on business electricity consumption band IC which accounts for 16.4% of business electricity consumption..

17 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) The non-recoverable tax varies from zero for three Member States to 5.99 per 100 kwh in Italy, the latter representing 35% of the ex-vat price of electricity. Non-recoverable tax on electricity to business in Ireland amounted to 0.39 per 100 kwh or 2.8% of the ex-vat price the fifth lowest levels of non-zero non-recoverable tax applied in Europe in percentage terms. The average non-recoverable tax on electricity to business in the EU was 21% and in the Euro Area 27% of the ex-vat price. Table 4 Electricity Prices and Taxes for Industrial Consumers in band IC (2 nd semester 2013) Basic price plus nonrecoverable taxes Basic price Non-recoverable taxes Non-recoverable taxes in per 100 kwh in per 100 kwh as % of ex-vat price Bulgaria % Sweden % Finland % Romania % France % Norway % Poland % Netherlands % Croatia % Slovenia % Estonia % Hungary % Czech Republic % Denmark % Luxembourg % Belgium % Austria % Portugal % Latvia % United Kingdom % Spain % Lithuania % Greece % Slovakia % Ireland % Germany % Italy % Malta % Cyprus % 2 Electricity and Gas Prices in Ireland Euro Area % EU % In the case of gas prices to industrial customers, there is one Member State for which the non-recoverable taxes are zero, as shown in Table 5. These prices relate to gas customers who use between 10,000 and 100,000 GJ (2,800 28,000 MWh) of gas per annum 20. The non-recoverable taxes vary from zero to 1.03 per 100 kwh in Denmark and Finland, the latter representing 22% of the ex-vat price of gas. Non-recoverable tax on gas to business in Ireland amounted to 0.37 per 100 kwh or 7.8% of the ex-vat price. The average non-recoverable tax on gas to business was 7.3% in both the EU and the Euro Area. 20 Based on business gas consumption band I3 which accounts for 23.2% of business gas consumption.

18 16 ENERGY POLICY STATISTICAL SUPPORT UNIT 2 Electricity and Gas Prices in Ireland Table 5 Gas Prices and Taxes for Industrial Consumers in band I3 (2 nd semester 2013) Basic price plus nonrecoverable taxes Basic price Non-recoverable taxes Non-recoverable taxes in per 100 kwh in per 100 kwh as % of ex-vat price Romania % Czech Republic % Belgium % Bulgaria % Estonia % United Kingdom % Netherlands % Poland % Latvia % Italy % Spain % Slovakia % France % Lithuania % Portugal % Croatia % Austria % Luxembourg % Finland % Denmark % Ireland % Slovenia % Hungary % Germany % Greece % Sweden % Euro Area % EU % The level of taxes applied to household electricity prices is significantly higher than that applied to industrial electricity prices, as shown in Table 6. These prices are for customers who use between 2,500 and 5,000 kwh per annum 21. The VAT charges are shown separately from other taxes for the purposes of comparison. There are five Member States listed in Table 6 which apply VAT charges only to residential customers. Total taxes (VAT plus other taxes) vary from 0.85 per 100 kwh (Malta and UK) to per 100 kwh (Denmark), or between 4.7% and 57% of total prices. For Ireland, on average taxes and levies account for 16% of the final electricity prices to household consumers. The average non-recoverable tax on electricity to households in the EU was 31% and in the Euro Area 36% of the ex-vat price. 21 Based on household electricity consumption band DC which accounts for 30.8% of electricity consumption in households.

19 ELECTRICITY & GAS PRICES IN IRELAND 2 ND SEMESTER (JULY DECEMBER) Table 6 Electricity Prices and Taxes for Residential Consumers in band DC (2 nd semester 2013) Other taxes VAT Price including all taxes Basic price (excl. VAT) All taxes in per 100 kwh in per 100 kwh as % of total price Bulgaria % Romania % Hungary % Croatia % Latvia % Estonia % Lithuania % Poland % Czech Republic % Finland % France % Luxembourg % Slovenia % Slovakia % Greece % Malta % Norway % United Kingdom % Netherlands % Austria % Sweden % Spain % Portugal % Belgium % Italy % Ireland % Cyprus % Germany % Denmark % 2 Electricity and Gas Prices in Ireland Euro Area % EU % Table 7 shows the level of taxes applied to gas prices for residential customers within the EU who have an annual consumption of between 5,600 and 56,000 kwh per annum 22. As in the case of electricity, the taxes applied to residential customers generally exceed those applied to industrial customers. For residential customers there are eight Member States that apply zero non-vat tax to gas prices. The amounts of total tax vary from 0.28 per 100 kwh (UK) to 6.27 per 100 kwh (Denmark) or 4.8% to 56% of final residential gas prices. Up to the end of 2009, non-vat taxes were zero in Ireland. However, the carbon tax on natural gas was introduced from 1 st May Carbon tax was initially levied at 3.07/MWh and this has since been increased to 4.10/MWh from 1 st May Total taxes and levies accounted for 17% of the gas price paid by Irish households in the 2 nd semester 2013 (band D2). The average non-recoverable tax on gas to households in the EU was 23% and in the Euro Area 28% of the ex-vat price. 22 Based on household gas consumption band D2 which accounts for 94% of gas consumption in the household sector.

20 18 ENERGY POLICY STATISTICAL SUPPORT UNIT 2 Electricity and Gas Prices in Ireland Table 7 Gas Prices and Taxes for Residential Consumers in band D2 (2 nd semester 2013) Other taxes VAT Price including all taxes Basic price (excl. VAT) All taxes in per 100 kwh in per 100 kwh as % of total price Romania % Hungary % Croatia % Estonia % Latvia % Poland % Bulgaria % Slovakia % Luxembourg % Czech Republic % United Kingdom % Lithuania % Slovenia % Belgium % Germany % Ireland % France % Austria % Netherlands % Greece % Spain % Portugal % Italy % Denmark % Sweden % Euro Area % EU % 2.5 Purchasing Power When comparing prices of goods across countries it is important to not only correct for differences in currencies but also for the differences in income and living standards. This is of particular importance when comparing prices paid by residential consumers. Comparisons using the purchasing power parity method for residential consumers are detailed in sections and A factor affecting gas and electricity prices in a country is the costs associated with labour and services. In wealthier countries the cost of living as well as labour and services costs tend to be higher. For residential consumers, comparing electricity and gas prices on the basis of purchasing power parity is a method that may be used to separate the price differences associated with differences in wealth from those associated with other factors. Purchasing Power Parities (PPPs) are currency conversion rates that convert to a common currency as well as equalising the purchasing power of different currencies. In other words, they seek to eliminate the differences in price levels between countries due to differences in currency exchange rates and in living standards. This purchasing power exchange rate equalises the purchasing power of different currencies in their home countries for a given basket of goods. Using a PPP basis is arguably more useful when comparing differences in living standards on the whole between nations because PPP takes into account the relative cost of living and the inflation rates of different countries, rather than just a nominal gross domestic product (GDP) comparison.

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