Energy companies in Ireland accused of 'outrageous profiteering’

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Energy companies in Ireland accused of 'outrageous profiteering’ amid cost of living crisis

Energy companies have been blasted for “outrageous profiteering” in not passing on falling costs to customers.

READ MORE:Ireland weather: Met Eireann issues yellow warning as four counties set to be battered by 110km/h windsYet household electricity bills continue to soar, and the CSO said they climbed by 28% last month, making them 72% dearer than this time 12 months ago.The next biggest player is Bord Gais and its profits were up 74% to €39.5million for January to June.

“And now due to market deregulation, and the war in Ukraine, we have some of the most expensive prices, with customers continuing to be fleeced by profiteering companies who are returning record profits.” The energy companies blame the complex pricing and hedging that dictates gas prices on international markets. A spokesman for the ESB Group said: “We expect this volatility to continue over the coming months given the ongoing uncertainty in the geopolitical situation and international energy markets.“We are committed to providing our customers with the best value possible across a broad range of products.

“We do this to protect our customers, insofar as we can, from ongoing extreme price volatility of the energy markets.

 

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