Electricity and Gas

Tazz T

I see that in the UK, Scottish Power are the first to start cutting residential energy bills by 10% and the other power companies are to follow suit. Additional price cuts of between 10 and 15% are expected in April. This is of course in relation to the massive slump in the price of oil from over $140 to it current level of about $40.

Here in Ireland where ESB's biggest arguement against the introduction of competition was that it would force prices up we have the ESB saying that its proposed price hike of over 5% would now be unecessary. This fabulous news for the Irish Consumer was applauded by Tony Killeen, Minister of State, who welcomed the fact that Irish power prices should stay frozen until Autumn, 'despite the Ukraine oil crisis'.

Great - I'll turn the heating up tonight.

What it really means it that ESB (whose workers incidentally boast the highest average wage of any company in Ireland) get to keep the change out of the difference between $40 and $140 and boost their already huge profits on the massive price hikes of the past two years. Competition needs to be introduced now but our government and its ineffectual regulator will continue to talk ****e and procrastinate for the next ten years.

the groutch

apparnetly they're over-hedged at €100 a barrel

and we all believe that :rolleyes:

whiskeyman

Competition is already here, but just not quite for the residential markets as it simply hasn't been profitable to be in it with ESBs stranglehold.
Airtricity were in, but pulled out a couple of years ago I think.

http://www.rte.ie/business/2008/0709/airtricity.html

Expect them to be back into the Domestic market over the coming months... and hopefully with competive prices too.

Bord Gais also entering according to that article, and others may join soon.

darc

Electricity prices were increased in the UK by over 40% last year - here it was 20% with a futher 17% due this month. This extra 17% was not implemented as fuel prices have come down.

As far as I remember the price came down in 2006 after rising in 2005.

Current comparisons

Average UK price per unit = 13p
Northern Ireland 15p (new lower Jan 1st price)
ESB domestic rate = 16c

No a huge difference there and cheaper than norn iron.

Market size - Ireland = 4 million people
UK = 60 million people

Much cheaper to service a market of 60 million than 4 million.

the groutch

and the 20% was probably overdue, it was about 9c (7p) nearly 20 years ago, try show me how many other things haven't doubled in price in the last 20 years

parsi

darc wrote: »

Average UK price per unit = 13p
Northern Ireland 15p (new lower Jan 1st price)
ESB domestic rate = 16c

No a huge difference there and cheaper than norn iron.

Hmm.. so it's not worth going to Newry for my electricity then ?

ch750536

Airtricity are still in the domestic market. I moved to them just before christmas for the sole purpose of competition.

They are a tiny amount cheaper for me too.

http://www.airtricity.com/ireland/

Mizu_Ger

I checked the airtricity website and found the following "pricelist". What do each of these categories mean? and is there a similar comparison for the ESB? I'd be interested in changing over.

Tazz T

C'mere folks. ESB's profits doubled from €220 million to €440 million between 2006 and 2008 (a period of massively increasing oil prices), do you honestly believe it's still okay that our lecky bills shouldn't be going down as oil has tumbled? Because if we don't insist on a cut now, you can be sure that when oil starts to rise again, as it surely will, then so to will your electricity bill, only the base point this time will be when oil was at its height.