Lower energy prices and the best tariffs - East Coast FM

Image audioImage Lower energy prices and the best tariffs - East Coast FM

Wholesale energy prices have been dropping steadily for some time and it’s only recently that lower energy prices are finally being fed through to consumers, as rival energy suppliers engage in a full on price war.

Our Head of communications Daragh Cassidy joined Declan Meehan live on East Coast FM to discuss the best energy tariffs on the market at the moment and how much consumers could potentially save by switching.

Here’s an outline of the main points discussed by Daragh in the interview.

How many energy suppliers are there?

At the moment we have 12 energy companies in Ireland at the moment. To have this many suppliers of service in a market as small as Ireland is bizarre. The competition is putting downward pressure on prices, but in Ireland energy is quite expensive.

Eurostat, the EU statistical agency, monitors the price of energy across the European market and apparently, Ireland has the fourth most expensive electricity prices in the EU and the seventh most expensive gas prices. 

Who will benefit from a price decrease?

Both existing customers and new customers will benefit from these price decreases. 

Electric Ireland is decreasing its gas and electricity prices by 11.5% and 2.5% respectively. Similarly, Bord Gáis Energy is decreasing the prices of electricity by 4.5% and gas by 6.5%.

While these decreases seem great, there are actually new customer discounts of up to 30% for people who are prepared to switch energy supplier. If you’re out of contract, there could be better value out there and further savings to be made. 

Is dual fuel better value?

We get this question a lot but it depends on what the dual fuel offer is. At the moment it’s usually slightly cheaper to buy your fuel separately. 

We would always say that just because a service is being bundled, it doesn’t mean you’re getting the best price. Sometimes it can be far cheaper to get services from separate suppliers.

What’s the difference between all the energy suppliers?

Your kettle isn’t going to boil differently with different suppliers. Electricity and gas are the same for absolutely everyone and all come from the same place, no matter what supplier you’re with. 

It’s really just the unit rate price that you need to look at. Price comparison sites make it very easy to compare. Just put in a few simple details and all of the hard work will be done for you.

For other services, such as broadband, you’ll want to consider how fast it is, whether or not it’s fibre broadband, the customer service of the company, etc. 

Switch and save today

It’s quick and easy to switch energy supplier and can all be done on bonkers.ie in the space of a few minutes. Use our energy comparison tool to compare the best deals today across all 14 energy suppliers nationwide.

If you’re seeking advice when it comes to switching, have a look at our guide on 7 things to consider when switching energy supplier or this list of some of the most frequently asked questions about the energy switching process.

You can stay up to date with all of the latest energy news and top saving tips with our blogs and guides.

Get in touch

If you have any energy-related questions, feel free to reach out to us on social media. We’re on Facebook, Twitter and Instagram.