Energy companies must cut their consumer prices to reflect cheaper wholesale electricity – Byrne

Energy companies must pass on savings to their customers after wholesale electricity prices were dramatically slashed in the last year, a Fine Gael Senator has said.

Senator Maria Byrne, said the latest figures from the CSO show wholesale electricity prices decreased by over 40% in the 12 months to April 2023, and by 13.5% when April and March 2023 are compared.

Senator Byrne, Fine Gael’s Seanad spokesperson on Finance, said: “This is a substantial saving and must be passed on to customers.

“Energy companies were quick to increase prices when their own costs increased, but we are not seeing the same urgency in passing on savings to customers as energy prices come down.

“As we can see from today’s figures, prices have been dropping for a while – yet nothing has been done to date by those companies making the profits.

“As we move into the warmer months, customers are starting to see smaller bills thanks to less usage, but that shouldn’t be a smokescreen for energy companies to hide behind with continued overcharging.

“Wholesale savings must be passed on to customers without delay,” Senator Byrne concluded.

ENDS