Increase in the price of energy - Cork's 96FM
Fresh off the back of a massive price increase from SSE Airtricity, consumers will be left wondering when the end is in sight.
Our Head of Communications, Daragh Cassidy, joined PJ on Cork's 96FM to discuss the continuing rise in the cost of energy and what it all means for consumers' pockets.
Listen back to the interview above, or read the main points discussed below.
Key points from the interview
- The average gas and electricity bill has gone up by around €1,500, which is a significant amount.
- It’s almost guaranteed that SSE will increase its prices again, and so will other suppliers.
- The biggest profits are being made by the likes of Shell, BP, and Aramco. These companies extract gas, coal, and oil. As you move further down the energy supply chain, the profits get smaller and smaller.
- We import the vast majority of our fossil fuels. We have the Corrib gas field, but no coal or oil.
- Some generators of electricity are making good money at the moment, such as the ESB, which we own.
- Huge investment is needed in Ireland’s electricity grid over the coming years, to help cope with the increased demand from data centres, population growth and renewable energy targets.
- According to Eirgrid, €3 billion could be needed to carry out upgrades to the grid.
- There’s been talk of implementing a windfall energy tax on energy suppliers, but due to a number of reasons, going after windfall profits isn’t really an option in Ireland.
- As there is only one electricity grid in Ireland, everyone gets their electricity from the same place. This is what makes it so easy to switch supplier.
- SSE Airtricity has around 28 wind farms around the country. It feeds renewable energy into the grid, but it gets mixed together with electricity generated from fossil fuels, and gets sent out to customers.