As we face into a prolonged period of high energy prices with no strategy for sourcing cheaper gas, there must be a better way
As we face into a prolonged period of high prices with no strategy for sourcing cheaper gas, there must be a better wayThis week sees the introduction of much-heralded cuts in the price of electricity and gas for households. Depending on your supplier, they should amount to average savings of €200 to €300 a year. Combined with the €450 household energy credit announced in Budget 2024 they are a welcome fillip as winter starts to bite.
The most often cited explanation centres on our dependence on natural gas for the bulk of non-renewable power generation. Gas may be the cleanest fossil fuel, but it is also the most expensive. We produce some of our own and buy the remainder from the UK. State-owned ESB is a dominant player in the gas-generated power market. It also has significant wind power assets. The cost of power generation accounts for about half of your bill. Another quarter goes to Eirgrid, ESB Networks and Gas Networks Ireland, which deliver energy to your door. All State-owned. Taxes and the operating costs of the company that actually bills you for your energy account for the remainder. One of the biggest players here is ESB-owned Electric Ireland.
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