Electricity Prices Surge in Ireland Despite a 40% Plummet in Wholesale Rates
Dublin ranks 5th in Europe for the highest electricity rates.
Dublin: Despite a significant decrease in wholesale prices, electricity rates in Dublin have remained stubbornly high, ranking fifth among 33 European cities. Despite a 40.3% drop in wholesale prices compared to last year, consumers in Dublin have not seen a corresponding reduction in their electricity bills.
An analysis conducted by the Electricity Association of Ireland (EAI) using Household Energy Price Index (HEPI) data reveals that Dublin ranks fourth highest in electricity prices among European cities, with a rate of 37.72 cents per kilowatt, including tax. While this is lower than rates in London, Prague, and Berlin, it remains well above the EU average of 24.25 cents per kilowatt.
The latest statistics from the Central Statistics Office (CSO) show a significant decline in wholesale electricity rates since their peak in August 2022, with current rates estimated to be 76.6% lower. However, despite this decrease, electricity prices for consumers have not followed suit.
While measures such as the €600 winter electricity credit provided to customers last year have provided some relief, with a €450 credit expected this year, consumers are still grappling with high electricity costs. Daragh Cassidy, head of communications at Bonkers.ie, notes that despite recent reductions in energy bills of 20-25%, prices remain double what they were before the energy crisis.
Looking ahead, Cassidy suggests the possibility of a further 10 to 20% price drop in the second half of the year. In the meantime, he advises consumers to explore options for switching to lower-cost electricity suppliers as a means of mitigating the impact of high electricity rates.
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