Electric Ireland has become the latest provider to announce another major increase in electricity and gas prices to consumers, with eye-watering rises of 26.7 per cent and 37.5 per cent respectively. Photograph: Stephanie Lecocq: EPAElectric Ireland has become the latest provider to announce another big increase in electricity and gas prices to consumers, with eye-watering rises of 26.7 per cent and 37.5 per cent respectively.
Higher energy prices for consumers are being driven by rising prices of wholesale markets, with the high price of gas being the key factor. Ireland imports more than 70 per cent of its gas from the UK — the rest comes from the Corrib field — so we are exposed to international price trends.Wholesale prices of gas have swung hugely since the war in Ukraine started.
Companies who provide power to Irish consumers and businesses are, however, responding to the longer-term trend. These companies typically lock in contracts for months ahead and so have had to gradually adjust their prices to respond to higher costs. Despite recent falls, wholesale gas prices remain around ten times higher than pre-Covid levels. As around half of Irish electricity comes from gas-fired plants — and gas prices are central to setting the price of other fuels used for power plants — electricity prices are rising tpo.If current, or higher wholesale prices remain, then the answer is yes.
The trickle up scenario, more profits for freezing, starving and a big probability of death,
Let's be really honest ask the Electric suppliers how much profit they are making this year compared to last year. I bet they are making obscene profits. The war isn't to blame for a lot of the robbery that is going on.
IrishTimes Greed.
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Source: IrishTimes - 🏆 3. / 98 Read more »