Ireland now has the highest electricity prices in the EU
· IrishCentralIt means the average household in this country pays around €480 a year more for their electricity compared with the EU average.
According to the EU’s Eurostat, consumer prices here have now surpassed Germany and Belgium, which are the next most expensive.
Ireland officially has the highest household charges for electricity in the EU
Prices per kilowatt hour in this country are more than 40pc above the EU average.
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And there was further bad news for consumers, after PrepayPower, which has 240,000 customer accounts, confirmed an increase in the price of its gas and electricity.
It will raise electricity prices by 8.8pc from June 1, with gas going up by 10.6pc.
Prices per kilowatt hour in this country are more than 40pc above the EU average
Last month, Energy Minister Darragh O’Brien warned electricity prices could increase by as much as 9% over the summer.
The Minister said the ongoing conflict in the Middle East could see prices jump by as much as 4 to 9% over May, June, and July.
At the time, Daragh Cassidy from price comparison website Bonkers.ie told Newstalk Breakfast there needs to be greater transparency surrounding the price increases.
He said he wants to see "more insight into electricity prices in Ireland".
"We focus a huge amount on the price of wholesale electricity," said Cassidy, "but in Ireland, wholesale costs only make up around 30% to 35% of the bill."
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He added: "To put that another way, if you have an electricity bill for €100, around €30 to €35 goes to the cost of the gas or the wind and the things that make the electricity, while the other €60 to €65 is going on all these other charges."
"So, we don’t really know a huge amount, and I’d love more insight into that.
"That would help us focus on what’s too high, what’s not so high, and what we can try and lower to make electricity prices more competitive."
Only last month, Irish households were found to be paying the third-highest electricity prices in Europe
Mr Cassidy previously said Ireland’s relatively isolated location also adds to the price issue, meaning Ireland can’t import a huge amount of cheaper electricity from abroad.
"Though the interconnector we’re building with France will hopefully improve things when it comes online in 2027, as it will allow us to tap into generally cheaper French electricity," the expert added.
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* This article was originally published on Extra.ie.