Irish electricity prices fourth most expensive in EU - C103

Image  Irish electricity prices fourth most expensive in EU - C103

Electricity prices in Ireland are now the fourth most expensive in the European Union according to Eurostat.

But why are electricity prices here so high?

Our Head of Communications at bonkers.ie, Daragh Cassidy joined Patricia Messinger on Cork's C103 to discuss the reason behind the latest figures and what consumers can do to make sure they're on the best tariff.

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

The recent statistics

Electricity prices in Ireland are 23% above the EU average, which means that Irish consumers are paying approximately €202 extra for electricity annually.

In terms of gas, Ireland is the eighth-most expensive country in the EU, but prices are much closer to the EU average.

While we are using far more wind energy in Ireland, electricity is still mostly generated by the burning of fossil fuels, such as coal, peat and gas. The price of fossil fuels is prone to fluctuation and much of the gas and coal needs to be imported.

What is the PSO levy?

The PSO levy is a Government levy that is charged to all electricity customers in Ireland. The money collected from the levy is used to support the renewable energy sector and makes it profitable to produce wind energy.

The PSO levy has increased in recent years and now stands at around €80 a year, the second-highest it’s ever been.

Green energy targets

It’s easy to forget that wind energy isn’t technically free. We have green energy climate targets to reach, but getting there is not going to be cheap.

A lot of investment is needed to turn wind energy into electricity we can use, and we may not see the cost benefits of wind energy for another 20 years. The Climate Action Plan has set out a target of achieving 70% renewable electricity by 2030.

Save money by switching!

Have you seen a rise in your electricity bills? The constantly increasing energy prices, paired with the fact that many of us are working and studying from home, means that consumers may have noticed a significant increase in their household bills.

However, it’s still possible to save money on electricity bills by switching suppliers! It’s quick and easy to switch and can be done in the space of a few minutes on bonkers.ie.

The average customer can save over €400 a year by switching electricity suppliers. Use our energy price comparison service to see what you could save and make the switch today.

To switch suppliers you only need four things:

  • Energy reference number i.e. your MPRN for electricity or GPRN for gas.
  • A current meter reading.
  • A good estimate of how much energy you use either in kWh or euro.
  • Some personal and banking details.

Don’t forget that you can always change your habits around the home to save money on electricity bills, too. Take a look at our recent post on 15 ways to use less electricity and save money to learn more.

If you have any electricity-related questions, feel free to contact us through our Facebook, Twitter and Instagram pages.