Green transition will help the planet and insulate us from price shocks
While inflation has now fallen to more normal levels, and energy costs have come down somewhat, prices remain well above their pre-Covid levels.. Apart from those more immediately affected, there have been repercussions for the wider European population. This is reflected in growing disenchantment with traditional political forces in France, Germany and the Netherlands.
In paying higher prices for its energy, by the end of 2022, the cost of imports to the EU had risen by more than a quarter compared with 2019. Export prices rose too, but at a lower rate – by about a fifth. As the gap between the cost of imports and the value of exports widened, Europe needed to export a lot more to be able to pay for its imports, especially of energy.
Because Ireland depends on imported natural gas to generate electricity, the impact of higher gas prices following the Ukraine war was serious for us. While on average EU electricity prices were 30 per cent higher at end 2023 than they had been in 2019, Ireland’s electricity prices were 50 per cent higher, because of our reliance on gas.
A key factor making Ireland different is the dramatic rise in corporation tax from foreign multinationals. This income has helped fund a series of relatively generous budgets that have boosted household living standards.
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