At the end of 2021, price comparison website Bonkers noted that there had been 35 separate price increases announced by the relatively small number of players in the Irish market. Some companies increased prices five times last year.
But Irish customers have fared better than their counterparts in the UK where more than two million households have been hit as 22 separate suppliers walked away from the market and another one was put into special administration and is now run by the state. Many more are facing a similar prospect this year.Several factors have come together to create a perfect storm.
First, post-Covid, demand for gas has risen sharply, especially in Asian economies. In addition, critically,
IrishTimes Reminder that the Irish electricity market is essentially unregulated and gave out 10s of millions in dividends will at the same time raising prices by 25% plus. Vote for a right wing government, get deregulation and pain.
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Bright Energy to exit Irish market due to high costsElectricity provider Bright Energy has announced that it is exiting the Irish market following a strategic review. Never heard of them. RIP.
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