Energy prices down to European levels

MINISTER FOR Energy Eamon Ryan has hailed new figures which show that Irish energy prices are at or below the EU average.

Mr Ryan said the figures from Eurostat should help to “put to bed” the claim that electricity and gas prices here were among the highest in Europe.

For domestic customers, electricity prices fell by more than 12 per cent last year and now stand at the EU average, according to the Minister. Prices for medium to large businesses fell by up to 35 per cent according to the amount of consumption, compared to an EU average of 4 per cent.

Domestic gas prices are now 5 per cent below the EU average after dropping almost one-quarter over the past year, according to Eurostat. Business prices are between 11 and 18 per cent below average.

“Ireland now has some of the cheapest energy in the EU. Crucially, costs are also lower than those in the UK,” Mr Ryan said.

A separate European Commission study of the electricity market shows that Ireland has the greatest level of consumer switching in Europe, at 28 per cent. Irish people had the highest satisfaction with services.