Energy companies say household bills will take time to reflect lower wholesale prices

“Any potential price change in the future is dependent on prices remaining stable over a prolonged period,” she added.

“Like other suppliers, SSE Airtricity buys energy on the wholesale market many months in advance,” a spokeswoman said. “Our approach to hedging means we have been able to protect customers from the full impact of wholesale market volatility, helping to ensure stability for customers and limiting their exposure to market extremes.

Electric Ireland, the firm with the largest market share of electricity customers, said it was forbidden by the regulator from “price signalling”. “Electric Ireland continues, as it has since before the onset of the cost of living crisis, to offer one of the lowest cost standard variable tariffs for residential customers in the market, even after the reductions announced by other suppliers are applied,” a spokesman said, while noting the company did not make any profit in its residential electricity business for 2022.

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