Energy companies must make further reductions in prices for consumers – Ahearn

Energy companies must cut their prices more to ease pressure on householders, particularly coming into the colder months, according to Fine Gael Senator Garret Ahearn.

Senator Ahearn made the call as the Taoiseach is due to meet the country’s four main energy suppliers tomorrow.

Senator Ahearn, Seanad spokesperson for Enterprise, Trade and Employment said: “Some energy companies are now starting to cut prices, which is a welcome move after a period of sustained price hikes following the outbreak of war in Ukraine.

“Electric Ireland and SSE Airtricity announced a 10-12% cut in domestic gas and electricity prices from 1 November, which will result in a saving of around €400 for dual-fuel customers of Electric Ireland.

“Pinergy also announced a 9.5% cut to electricity prices from 1 October, while from October 3rd, Energia will reduce gas and smart electricity rates by 20% and standard electricity rates by 15%.

“However electricity prices in Ireland still remain higher than many other European countries, and the recently announced reductions pale in comparison to the massive bills consumers paid in recent years on the back of a surge in wholesale prices which are now stabilising.

“We cannot again have a situation where so many householders are struggling to pay electricity and gas bills, so it is imperative that these companies reduce their prices more, particularly as we head towards winter. Those suppliers that have not yet signalled any price reduction must do so now to enable customers to map out their household budget.

“I have no doubt that the Taoiseach will make a strong case for easing pressure on householders when he meets representatives individually from, SSE, Bord Gais, Energia and ESB tomorrow.

“Budget 2024 will contain measures to help put more money back in people’s pocket and it is expected this will again include helping businesses and households with energy costs.

“But the individual energy suppliers must play their part in ensuring that consumers benefit from a meaningful difference in gas and electricity bills in the coming months,” Senator Ahearn concluded.