Irish domestic energy bills are likely to fall in the months ahead although any expectations that the cost of domestic gas and electricity will return to 2021 levels are unrealistic, according to the energy regulator.
The CRU suggested that while prices in Ireland are comparatively high, the cost of energy here climbed more slowly in the wake of Russia’s invasion of Ukraine than in other countries. It suggested “hedging ” strategies used by Irish energy suppliers, which saw them buy energy in advance, protected consumers here from a dramatic price spike in the immediate aftermath of the invasion.‘I lost €1,000 in cash on the way to the bank to lodge it.
“The ongoing stabilisation of wholesale markets has driven recent retail price reductions, with the scope for further reductions to follow. However, as wholesale and retail prices remain above historic average levels, we would continue to urge customers to be active in ensuring they are on the most suitable tariff for their needs.”