Wholesale electricity prices fell by 41% in the final three months of last year, compared to the previous quarter and were 17% cheaper compared to the last three months of 2021.
The figures are contained in the latest Quarterly Market Report from the Single Electricity Market Operator which runs the all-island electricity market on behalf of the two grid operators Eirgrid and the System Operator for Northern Ireland .
However, gas prices have fallen sharply from their peak in August which has had a knock-on effect on electricity prices. In response to queries about if and when reductions in wholesale prices will be reflected in domestic bills, Energia responded in a statement to say:"...we monitor wholesale electricity and gas prices on an ongoing basis, and we will continue to do so with any future changes to customer pricing being carefully considered, and proactively communicated accordingly."
The statement goes on to say the"lag" between movements in the wholesale market and retail prices is a function of"...hedging positions – which can be in the range of 18-24 months."
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