ELECTRIC IRELAND IS reducing bills for businesses from the start of March, the company has confirmed.
Many homes, businesses and farms in Ireland experienced steep increases in their bills in recent months compared to previous years, forcing the government to introduce additional social welfare payments and electricity credits in its annual Budget and more recently in a cost-of-living package.Wholesale electricity prices have begun to fall, according to figures from the Central Statistics Office, dropping by 41.4% in January 2023 compared to December and 19.5% year-on-year.
The company asserted in its statement that wholesale market prices remain high despite the falls in recent months and energy suppliers “typically hedge energy costs in advance to secure costs for the upcoming year, so any increases or decreases in the wholesale market can take some time to feed into retail prices seen by residential customers”.
A combination of historical and more contemporary contracts, along with current and projected wholesale prices, are used to determine residential prices, the company said.