Cost Energy Companies Buy Electricity Is 64% Lower Than Last Year

Wholesale electricity prices are at their lowest level since June 2021.

CSO figures show they decreased by almost 18% in the month to July this year.

Compared to July last year they are 64% lower.

There are growing calls for energy suppliers to cut the cost of electricity for domestic consumers.

Wholesale electricity prices fell by 18% from June to July and have fallen by 64% in the past 12 months. Meanwhile, as electricity prices across Europe fall, electricity bills facing Irish households remain sky-high, unaffordable & unacceptable... pic.twitter.com/fyDl18OucC

— Pearse Doherty (@PearseDoherty) August 22, 2023

Sinn Féin's finance spokesperson Pearse Doherty has said on Twitter that Irish household bills remain "sky-high" describing it as "unacceptable".