Wholesale electricity prices fell by 41% in the final three months of last year, compared to the previous quarter and were 17% cheaper compared to the last three months of 2021.
It means that prices are now cheaper than they were before Russia's invasion of Ukraine.
The figures are contained in the latest Quarterly Market Report from the Single Electricity Market Operator (SEMO) which runs the all-island electricity market on behalf of the two grid operators Eirgrid and the System Operator for Northern Ireland (SONI).
The report says volumes of electricity traded last year were similar to 2021, up just 1% but the Day-Ahead Market (DAM) average price which accounts for the bulk of traded electricity was up 66% in 2022 as a whole compared to 2021.
However, gas prices have fallen sharply from their peak in August which has had a knock-on effect on electricity prices.
This has meant that the wholesale price of electricity fell 41% from a DAM of €312.71 in the third quarter to €185.24 in the fourth quarter.
This average price is also 17% lower than the DAM of €223.31 in the fourth quarter of 2021.
While electricity prices for businesses have reflected some of the wholesale price declines, residential customers have yet to see any reductions.
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In response to queries about if and when reductions in wholesale prices will be reflected in domestic bills, Energia responded in a statement to say: "...we monitor wholesale electricity and gas prices on an ongoing basis, and we will continue to do so with any future changes to customer pricing being carefully considered, and proactively communicated accordingly."
A spokesman for Electric Ireland said in a statement that suppliers "...hedge energy costs in advance to secure costs for the upcoming year, so any decrease in the wholesale market can take some time to feed into retail prices seen by residential customers."
The statement goes on to say the "lag" between movements in the wholesale market and retail prices is a function of "...hedging positions – which can be in the range of 18-24 months."
The statement says Electric Ireland is "acutely aware" of the burden high energy prices is putting on customers and the company has increased its Hardship Fund as well as giving a €50 credit to residential customers.
A statement from SSE Airtricity said it actively monitored energy markets and "...will look to reduce our prices as soon as market conditions allow."
It also repeated its commitment to forego profits in this financial year to support its customers including €25m in "a range of customer support measures".
