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If wholesale energy prices fell, why didn’t our bills? - Drivetime

Image audio If wholesale energy prices fell, why didn’t our bills? - Drivetime

Daragh Cassidy, Head of Communications at bonkers.ie appeared on Drivetime to discuss wholesale gas and electricity prices and why energy bills aren’t going down. 

Listen back to the interview above or review the main points below.

Key points from the interview 

  • The CSO said that the wholesale prices are down by 30% compared to 2021, however many people are wondering why their bills aren’t reducing.
  • Prices are beginning to fall from record highs which is good, but it won’t pass on to consumers as the prices are still at record highs.
  • For example, in 2020, the average wholesale price of electricity per megawatt hour was €38. In August and September of 2022, it was between €300-400, now it is at €143.
  • At one point during the summer, wholesale electricity prices were up by 1000%, however people’s bills did not go up by 1000%. 
  • In the past 20 months, electricity bills have increased by 150% and gas bills have gone up by 180%, however on the wholesale electricity and gas market prices are up by 3-400%, showing that the price increases haven’t been passed onto consumers.
  • Electric Ireland recently announced they will forego all residential electricity profits for this year. 
  • Energy experts are worried about energy prices and supply for next winter, as some of our generators are being retired and we will have no Russian energy to rely on for our reserves. 
  • Surprisingly, we have had no blackouts this winter or amber alerts, which were unexpected as Ireland had low levels of wind energy and low temperatures. 
  • People should look at ways to reduce their usage of energy in the household and look at switching suppliers.

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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: 

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