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Wholesale electricity price fell by 70% for energy companies in 2023

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Wholesale electricity prices have fallen by more than 70% since August last year, according to new figures from the Central Statistics Office.

Bord Gáis Energy saidThe utility is also reducing its standing charges by the same amount in its first price cut in over three years.

However, the Commission for the Regulation of Utilities has warned household energy prices are unlikely to return to 2020 levels. “It is probable that retail prices will not return to the levels seen in 2020 / early 2021, given that the EU is now importing more expensive LNG, instead of Russian gas, likely on a permanent basis,” the report said.

“While wholesale and gas prices have reduced, they remain substantially above average prices in 2020 and early 2021.Share this article

 

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