Energy providers have begun to pass falling prices on to customers in recent months, announcing energy price reductions of between 9.5 and 30%Energy providers have begun to pass falling wholesale prices on to customers, as energy price reductions of between 9.5 and 30 per cent have been announced by Energia, SSE Airtricity, Flogas, Bord Gáis Energy, Electric Ireland, Pinergy, and PrePay Power in recent months.
Latest figures from the Central Statistics Office show that wholesale electricity prices increased by 4.8 per cent between August and September of this year, but prices were 60.6 per cent lower in September 2023 than in September 2022. Energy prices shot up in the wake of Russia’s invasion of Ukraine in February last year, reaching a peak in August 2022.Be smart when it comes to saving energy this winterWholesale electricity prices rose by 194.9 per cent between August 2021 and August 2022, with the wholesale price of electricity peaking at almost €400 per MWh, versus an average of about €38 per MWh for all of 2020.
The CSO’s wholesale price index for September also shows producer prices for food products fell by 8.1 per cent in the 12 months, while the food products, beverages and tobacco index was down by 7.3 per cent.
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