Significant reductions in Ireland’s energy costs
29th November 2010 – Energy Minister Eamon Ryan today announced the publication of new data that shows significant reductions in Ireland’s electricity and gas prices.
Official data published by Eurostat, the EU’s statistical office, shows that in the year to June 2010:
In Electricity:
Domestic prices fell 12.2% and were equal to the EU average
For medium to large businesses, prices fell by 20% – 35%, compared with the EU average of 4% – the largest drop in the EU
In Gas:
Domestic prices fell by 23% to 5% below EU average
For SMEs, prices were between 11%-18% beneath the EU average
For medium to large businesses, Ireland was amongst the cheapest, with prices at 14% below the EU average
“Ireland now has some of the cheapest energy in the European Union”, said Minister Ryan.
“Government policy to develop open, competitive gas and electricity markets means that prices are now at, or well below the EU average, for all energy customers.
Costs are also lower than those in the UK. This provides a crucial competitive advantage, as we seek to attract further investment and stimulate growth in the Irish economy.
Companies are seeking to establish themselves in countries that have a low cost base and energy prices are therefore crucial. This data shows that Ireland can offer these lower prices.
We are making real progress, but we can go further.
The single best way that we can reduce energy costs in the long-term is to develop our renewable energy resources.
Our wind and our waves will deliver a clean, efficient energy supply for Ireland in the years ahead will provide us with an even greater advantage.”
This data follows a recent EU Commission study that shows that Ireland has the highest rate of consumer switching in electricity in the past two years at 28%. Ireland was also ranked at 2nd in the EU for the proportion of customers who received government support in paying electricity bills, and Irish customers were amongst the most satisfied that their electricity prices were fair and reasonable.
