Gas bills : The energy regulator has indicated that prices for households should start to fall soon. Post-Covid the Irish economy has recovered much more strongly than might have been expected. However, one major problem has been the surge in inflation and the resulting impact on living standards. Initially triggered by rising wholesale energy prices and the fall-out from Covid disruption, these pressures subsequently spread more widely.
One key area is energy prices. The market is dominated by a few key players and – typical of former monopolies – is dominated by one big company, the ESB’s Electric Ireland and a few other later entrants. Many of the smaller operators departed due to the 2022 squeeze in wholesale markets. Now, as wholesale prices fall well below their 2022 peaks, it is welcome that a new player – Yuno Energy – is entering the Irish domestic market . Yuno is a subsidiary of Prepaypower, the existing pay-as-you-go provider, but it is targeting the mainstream billpay market. Irish electricity prices are among the highest in the EU and extra competition can help to bring them down.
The energy market worked during the crisis to the extent that supply was maintained and the full impact of the spike in prices was not passed on to consumers and business. But the crisis also underlined the historic high level of prices here. And as wholesale prices fall, retail costs here have been very slow to follow suit.
Source: Energy Industry News (energyindustrynews.net)
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