Electric Ireland announcement should just represent the start of a succession of energy price drops for consumers
Social Democrats TD Jennifer Whitmore has called for the Commission for Regulation of Utilities (CRU) to be given increased powers to investigate prices charged by energy companies.
Deputy Whitmore, who is the party’s energy spokesperson, said:
“Today’s belated announcement from Electric Ireland of a 10 per cent reduction in domestic electricity prices, and a 12 per cent cut in gas charges, is long overdue.
“According to the Household Energy Price Index, domestic customers in Ireland are paying almost €1,000 more every year for their electricity than the European average. This is despite the fact that electricity costs on the wholesale market are now lower than at any time in the past two years.
“Electric Ireland customers were hit with five price rises over the course of 2021 and 2022 so this reduction, which won’t take effect until November 1, is the very least they deserve.
“Energy companies raised their prices in quick succession so should be expected to start reducing consumers’ bills with the same sense of urgency.
“It is also interesting to note the serendipity of all the energy companies beginning to decrease their prices at the same time. This is all the more reason why the Commission for Regulation of Utilities requires extra powers to investigate how energy companies determine their prices.
“Increased scrutiny of energy companies by the regulator would help ensure there is more transparency around prices and could lead to faster reductions for domestic and business customers.
“It has been obvious for some time that energy companies had the means to bring down prices sooner. However, despite tough talking from the Taoiseach earlier this year, the Government failed to hold energy companies to account by taking a softly-softly approach.”
September 7, 2023