Energy providers must pass on reductions to customers now – Ring

Fine Gael T.D, Michael Ring has said that energy companies benefitting from huge reductions in wholesale electricity prices need to pass those reductions onto their customers immediately.

Deputy Michael Ring stated: “Irish householders will not accept inflated tariff rates any longer, as it is clear that energy providers have made significant savings on wholesale rates.

“Wholesale electricity prices fell by 17.9% during July and dropped by 64% in the 12 months leading up to July. Electricity costs on the wholesale market are now lower than any time during the past two years. The last time that prices were lower than the current rate was in June 2021,

“We now know that households in this country are paying €1,000 more every year for their electricity than the European average. Irish householders are simply not going to accept these huge charges anymore.

“Last winter, when faced with exorbitant energy bills, Budget 2023 brought a package of targeted and broader universal supports, including three €200 electricity credits. In addition, a household in receipt of Fuel Allowance last winter received a total benefit of almost €2,000.

“But in light of what we now know about reduced wholesale prices, the onus is now on energy companies to pass on long overdue savings to their customers. Each week they drag their heels on this one further erodes the goodwill of their customers.

“I am calling on the Regulator to step in and protect the consumer. It is imperative that this is done.

“Offers of reduced tariffs should also be communicated to customers in advance of the heating being turned on in homes this winter,” Deputy Ring concluded.