Energy companies must pass on savings to customers, says Limerick Senator

Senator Maria Byrne

ENERGY companies must pass savings on to consumers after dramatic wholesale price slashes in the last year.

That’s the message from Limerick Fine Gael Senator Maria Byrne who was commenting on the latest CSO figures showing wholesale electricity prices decreasing by more than 40 per cent in the 12 months leading up to April 2023, and by 13.5 per cent between March and April 2023.

Senator Byrne, Fine Gael’s Seanad spokesperson on Finance, said: “This is a substantial saving and must be passed on to customers.”

“Energy companies were quick to increase prices when their own costs increased, but we are not seeing the same urgency in passing on savings to customers as energy prices come down,” Senator Byrne said.

She added that “prices have been dropping for a while, yet nothing has been done to date by those companies making the profits”.

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“As we move into the warmer months, customers are starting to see smaller bills thanks to less usage, but that shouldn’t be a smokescreen for energy companies to hide behind with continued overcharging”

“Wholesale savings must be passed on to customers without delay,” Senator Byrne concluded.