Revealed: How Irish households are being charged the highest prices in Europe for electricity

The worth of electrical energy in Eire is the very best in Europe, in keeping with new analysis that’s prone to pile stress on the Authorities for additional reduction to households.

he unit worth for electrical energy is sort of double the European common, in keeping with the Family Vitality Worth Index, which was commissioned by the Austrian vitality regulator and the Hungarian vitality regulator.

Fuel costs are additionally among the many costliest in Europe.

The price of electrical energy has doubled for Irish households within the final two years.

The Family Vitality Worth Index calculates the helps per capita in Eire at €1,071 since September 2021.

This determine consists of three €200 vitality credit, the final of which is because of be paid by the top of this month.

The key research of residential electrical energy costs carried out throughout European cities in February of this 12 months discovered Eire was the costliest of 33 nations.

Its findings are prone to heap additional stress on the Authorities to supply not less than the identical helps once more for the approaching winter, only a week after a surplus of €10bn within the public funds was introduced.

The nations assessed for electrical energy prices embody European Union (EU) members, together with Britain and Ukraine.​

The survey discovered residential electrical energy costs, together with taxes, diversified from 9.2c per kilowatt hour in Hungary to 49.9c in Eire. The EU common was 28.3c.​

Irish vitality corporations haven’t reduce costs for households regardless of a pointy drop in wholesale prices. Latest Central Statistics Workplace figures present wholesale electrical energy costs dropped right here by greater than 50pc within the 12 months to final month.

Vitality suppliers declare “hedging” offers they’ve entered into to purchase wholesale fuel to generate electrical energy imply they’re unable cross on decrease wholesale prices toconsumers.

The survey additionally reveals the monetary helps per capita for households and corporations to assist address the worth rises are decrease right here than in different European nations.

Between September 2021 and January of this 12 months, whole assist to households and corporations on a per capita foundation diversified from €233 in Cyprus to €3,732 in Luxembourg.

Germany ranked second with per capita helps of €3,179.

The survey discovered residential fuel costs in Eire had been the eighth costliest of 28 nations studied.

The price right here in February for city fuel was 16.1c per kilowatt hour. This compares with a mean within the EU of 13.1c.

Daragh Cassidy, of worth comparability web site Bonkers.ie, stated Eire has had the very best electrical energy costs in Europe for years.

He stated there must be an investigation into why that is the case.

“Whereas the struggle has pushed up costs in every single place, costs right here had been already very excessive to start with,” he stated. “And we will’t blame taxation.”

He stated the tax on vitality in Eire is under the EU common.

“Certainly, if you take a look at the web worth of electrical energy, costs listed below are over 50pc above the EU common, in keeping with Eurostat,” he stated.

A number of the causes cited for prime vitality prices right here embody our island location, our reliance on imported fossil fuels and our dispersed inhabitants.

“These are largely exterior of our management. Nonetheless, the Authorities wants to take a look at areas inside its management comparable to planning and the operation of the ESB and Eirgrid, which it in the end owns,” Mr Cassidy stated.

Earlier than deregulation of the vitality market, Eire had among the many least expensive electrical energy costs in Europe.

This implies one thing has gone incorrect over the next a long time, Mr Cassidy stated.

There was enormous controversy in February when it emerged that the State’s largest electrical energy provider Electrical Eire was chopping its costs for companies, however not for households.

Electrical Eire decreased some costs by as much as 15pc for corporations, however stated it had no fast plans to introduce reductions for customers.

The typical value of electrical energy has risen to round €2,000 a 12 months, with all suppliers implementing a succession of double-digit worth hikes within the final two years.