Iberdrola exit another sign of energy market strain

As we are all too aware by now, wholesale energy prices have been soaring for the past few months and the reasons are well rehearsed.

Oil prices are now as a result six times higher than they were in the trough of the pandemic in early 2020 and natural gas prices are up over five times what they were at that time. In other words, it is not making much money, and given the dynamics of the global energy market and the competition it is facing here, it is cutting its losses after three years of trying and getting out.

The firm, which had only launched in the summer of 2020, blamed increases in prices on the wholesale energy market that it claimed were impacting its operations. Of course, it being a much larger market, there are still many more providers for consumers to choose from in Britain than there are here.

Energy Energy Latest News, Energy Energy Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bord Gáis and Electric Ireland to take over customers as another energy supplier exits IrelandEnergy supper Iberdrola has announced that intends to end its operations in Ireland, the second such departure from the market this year It’s also had enough of the banana republic
Source: thejournal_ie - 🏆 32. / 50 Read more »

Iberdrola to exit Irish gas and electricity marketSpanish energy supplier Iberdrola said the move to leave the Irish market follows an internal strategic review that found market conditions and pricing here were a barrier to its planned growth and ambitions.
Source: RTEbusiness - 🏆 16. / 61 Read more »

Iberdrola axes Irish energy supply businessRegulators will switch Spanish giant's 35,000 customers to Bord Gáis and ESB via IrishTimesBiz
Source: IrishTimesBiz - 🏆 6. / 77 Read more »

'Rocky' years ahead for consumer energy prices in wake of Russian oil ban, warns Taoiseach | JOE.ieThe Taoiseach said it will 'make for fairly rocky territory over the next number of years in terms of pricing' Not very good news. Considering that the weather isn't exactly playing ball either. Decisions will have to be made, or they will be more on the streets. Maybe… just maybe if our very well paid government gave two fucks about the ordinary person then the next few years wouldn’t be so “Rocky”. People simply can’t afford this shit anymore MichealMartinTD This prick will have a fat pension. He will never have to worry about food on the table
Source: JOEdotie - 🏆 31. / 51 Read more »