Further cuts to energy prices could be on the cards early in the New Year, Finance Minister Michael McGrath has hinted.
Mr McGrath welcomed reductions from some electricity and gas suppliers this week benefiting almost two million customers – but he said more price cuts are needed. He said consumers deserve to feel the benefit of changes in wholesale energy markets reflected in lower unit prices and standing charges.
Mr McGrath said there is a realistic expectation that prices will be further cut in early 2024. Speaking on Wednesday, he said: “The reductions to take effect today are welcome and there is now a realistic prospect of further reductions in the new year.
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“We are seeing volatility in the international energy markets, particularly the wholesale gas markets but we have seen reductions in wholesale energy costs so I do anticipate there will be further reductions (to customers) in the period ahead.”
The reductions come ahead of the first €150 Government electricity credit in December, with two more due to be applied in January and March 2024. Some 1.1million Electric Ireland customers will benefit from a 10% cut to electricity prices and a 12% cut to gas prices from this week.
Standing charges will also reduce, resulting in average savings of €212 each year on electricity and €216 on gas. SSE Airtricity is also cutting prices for hundreds of thousands of domestic customers, by 12% for electricity, and 10% for gas.
Meanwhile, PrepayPower’s 180,000 domestic customers will benefit from decreases of 12.8% on electricity and 13.5 % on gas charges. There is more good news for hard-pressed families with the first batch of Budget 2024 bonus social welfare payments due later this month.
One-off lump sums include a €400 Working Family Payment from November 20, and a €300 Fuel Allowance top up.
From November 27, there will be extra payments to the Disability Support Grant, the Carer’s Support Grant and the Living Alone Allowance.
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