Irish households paying almost €1,000 more than EU average for their electricity

Irish households pay on average €1,000 more each year on gas and electricity bills than their European counterparts, it has emerged. 

Bills in Ireland are 80pc higher than the European Union average, according to the Household Energy Price Index.

The index is commissioned by the Austrian energy regulator and the Hungarian energy regulator.

The price of energy in the capital cities of 32 European countries and Britain, which is not in the EU, is compared in the index.

Its latest survey shows electricity prices here are the highest of the 32 capitals surveyed.

The latest figures show that Irish households are facing another winter of sky-high gas and electricity bills due to the Government’s failure to act on sky-high energy prices, according to Social Democrats TD Jennifer Whitmore.

Deputy Whitmore, who is the party’s spokesperson on energy, said: “It is completely unacceptable that domestic customers in Ireland are paying almost €1,000 more every year for their electricity than the European average. According to the Household Energy Price Index, bills here are 80 per cent higher than the EU average.

“This is despite the fact that figures released by the Central Statistics Office this week showed that wholesale electricity prices fell by 64 per cent in July compared to the same time last year. In fact, electricity costs on the wholesale market are now lower than at any time during the past two years. 

“Speaking in the Dáil last February, the Taoiseach signaled that energy companies would be taken to task by the Government if prices did not come down fast enough. But more than six months later, there is still no indication of when these exorbitant prices are going to fall. 

“The Minister for Finance said this week that it should not fall on the taxpayer to help householders with their energy costs this winter. However, it is inevitable that further State supports will be a feature of the upcoming Budget given the Government’s failure to act on these enormous energy costs. 

“As families once again worry about the cost of heating their homes this winter, it is difficult to understand why the Government continues to treat energy companies with kid gloves,” Deputy Whitmore said. 

On Tuesday of this week, it emerged that wholesale electricity prices had reached their lowest point in two years after falling by 64% in the 12 months to July.

This comes after a further decline in prices recorded in June, down by a third compared to June 2022, according to figures published by the Central Statistics Office (CSO).

However, Daragh Cassidy of bonkers.ie recently wrote that there may be no change in domestic charges for a number of months, as energy suppliers buy their energy for delivery at different times throughout the year, and sometimes up to 12 or 24 months in advance through hedging.