The latest price cuts announced by Electric Ireland today should not distract from the fact that energy costs for consumers are not coming down quickly enough, according to Social Democrats TD Jennifer Whitmore.
Deputy Whitmore, who is the party’s energy spokesperson, said:
“After an initial reduction was passed on to customers last November, a second round of cuts by Electric Ireland will see electricity and gas unit rates and standing charges fall by 8 per cent and 7 per cent respectively.
“However, while any decrease in bills is to be welcomed, we must not lose sight of the fact that these reductions are coming from a very high base and follow a succession of increases by the company – in 2022, Electric Ireland hiked its prices three times following two rises the previous year.
“It has been reported that even after the new reductions are applied to bills, the company’s electricity prices will remain around 85 per cent higher than pre-Covid levels in 2020. In addition, Electric Ireland’s gas prices are double what they were back then.
“There is still an unacceptable lag between wholesale energy prices coming down and these savings being passed on to consumers.
“It is telling that Electric Ireland announced its latest round of electricity and gas reductions on the coldest day of the year so far, yet the decreases won’t take effect until March 1.
“Consumers need these price cuts now as winter bites and energy consumption is at its peak, not when the weather starts to improve in spring.”
January 15, 2024