Switching suppliers on the rise, finds the CRU - Tipp Mid-West
In the latest report released by the Commission for Regulation of Utilities (CRU), it was found that wholesale gas prices rose by 380% while wholesale electricity rose by 260% compared to 2020.
In light of this publication, Daragh Cassidy, Head of Communications, appeared on Tipperary Mid West FM to discuss the rise in gas and electricity prices and if there are still savings to be made by switching energy suppliers.
Listen back to the interview above or take a look at the main points discussed below.
Key points from the interview
- There are still savings to be made by shopping around for gas and electricity. It is especially important at the moment as we are experiencing an energy and inflation crisis.
- Previously you could get a discount of up to 40% by moving to a new energy supplier, however, this discount has now dropped to around 10%.
- This 10% discount still offers a saving of three or four hundred euros so it is worthwhile switching.
- The CRU’s latest report for 2021 shows that there are record numbers of people switching energy suppliers or renegotiating deals with their current suppliers.
- In 2021, 14.5% of electricity consumers switched suppliers, marking an 18% increase compared to 2020.
- The Government’s €600 credit is only applicable to electricity usage, but no credit is provided for gas bills.
- There is no credit for gas users as there are only 600,000-700,000 households using gas in Ireland while every household uses electricity.
- Daragh expects energy prices to continue to rise for the next few years, including 2023. These increases will be dependent on the wholesale price of gas.
- This is because we use gas to generate 40-50% of electricity in Ireland, so if its price fluctuates this will impact our electricity bills.
- Electric Ireland announced that it will provide its customers with a €50 credit to its customers and said it will forgo its residential profits this year.
Switch and save on your energy bills
If you haven’t switched energy suppliers in the last 12 months, chances are you’re overpaying and missing out on a discounted rate.
You can use our free energy price comparison tool to compare deals from Ireland's main energy suppliers and switch provider today. It’s quick and easy!
You can also reduce your energy consumption by checking out these different ways to use less electricity and how to heat your home for less.
We also have a range of other helpful comparison tools that will help you keep money in your pocket! We have services for broadband, insurance and banking products.
Have any questions?
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