National: Fall in electricity costs sparks hopes of new round of bill cuts

Households could be in line for energy price cuts of between 10pc and 20pc soon after wholesale energy costs dropped to a fraction of what they were during the peak of the energy crisis two years ago.

The Central Statistics Office has released figures which show that wholesale electricity prices were down 40pc last month over the past year.

The wholesale cost of electricity is now €87 per megawatt hour, a drop of 78pc since its peak at the height of the crisis in the autumn of 2022.

The falling wholesale cost of electricity has sparked hopes that prices will fall further, especially as the Government energy credits, which offset high costs have now come to an end. 

While there was a slight rise in wholesale prices in March of 2.4%, wholesale electricity prices were 40.3% lower than March 2023 and 70.4% lower than March 2022.

It is now expected that consumers can look forward to another energy price cuts in the coming months. 

Daragh Cassidy of price comparison site Bonkers.ie told the Irish Independent that it is highly likely we will get another round of price cuts in the second half of this year of between 10pc and 20pc.

He noted that wholesale prices are now a fraction of what they were at the height of the energy crisis.

A number of the main energy providers in the country have announced price reductions in recent months. 

New electricity provider Yuno Energy has announced four cuts in its prices this year.

Electricity and gas bills still remain incredibly high, and it is not know yet if the Government will announce energy credits for households ahead of next winter.