CRU finds that up to 20% of households switching energy provider - KFM
Daragh Cassidy, Head of Communications at bonkers.ie, appeared on KFM to discuss new energy switching figures released by the Commission for Regulation of Utilities (CRU), Ireland’s independent energy regulator.
Listen back to the interview above or review the main points below.
Main points from the interview
- Wholesale gas prices increased by 380% last year, while wholesale electricity prices jumped by 260%, compared to the previous year.
- What we saw in 2021 continued into 2022, which was record energy price hikes.
- Over 300,000 people switched electricity provider and over 100,000 switched gas provider in 2021. These figures have probably increased this year.
- According to the CRU, if you’ve switched every year over the past four years you’ll have saved around €2,300 on electricity and around €1,300 on your gas bills.
- Of course, some people don't want to switch or will renegotiate with their current supplier, but the switching market is still very active. Around 15-20% of people are switching providers.
- When the war in Ukraine started earlier in the year, energy prices skyrocketed. However, people forget they were increasing already prior to this.
- We’ll likely have high energy prices for the foreseeable future.
- In the report, the level of disconnections for non-payment has been quite low in Ireland.
- If you’re struggling to pay your bills, we’d recommend getting in touch with your supplier or reviewing supports available to you.
- Some suppliers have hardship funds to help people, there’s St. Vincent de Paul and also the Money Advice Budgeting Service, MABS.
- It helps to also understand what appliances use the most electricity, so you’re not getting shock bills.
- The Government credits will also help customers by taking the sting out of bills and those who are with Electric Ireland will also receive a €50 credit.
- Energy suppliers are businesses at the end of the day and need to make money, so loyalty to them isn’t rewarded.
Switch and save on your bills
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!
If you want to know more about how the energy market works and ways you can save on your bills, check out the following articles:
- Discover why household gas and electricity bills are not falling.
- Find out why electricity in Ireland is so expensive here.
- Our top tips on how to reduce your electricity usage will help you lower your bills.