IFA’s Inputs Project Team Chairman James McCarthy has called on Electric Ireland and SSE Airtricity to review their electricity charges and pass back full cost savings to consumers.
Speaking after a meeting with the Commission for Energy Regulation, Mr. McCarthy said, “The CER has confirmed that the wholesale cost of electricity has fallen by 13% over the past year while the fixed or pass through costs have not increased. There is no justification for Electric Ireland and SSE Airtricity’s failure to reduce electricity prices in recent months”.
While welcoming Bord Gáis Energy’s recent reduction in energy prices, he said, “There is clear evidence that both electricity and gas prices can fall further, as energy companies move off previously hedged positions and international fuel prices continue to fall.”
“Farm businesses and families across the country spend over €500m on diesel fuel, electricity and other energy. It is essential that all reductions in fuel costs are fully reflected in the price paid by consumers.”
He urged the CER to increase its market monitoring role and to ensure that the lag between falling international fuel prices and the price paid by farm businesses is reduced.