ENERGY companies must pass savings on to consumers after dramatic wholesale price slashes in the last year.
Thatโs 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 Gaelโs Seanad spokesperson on Finance, said: โThis is a substantial saving and must be passed on to customers.”
โEnergy 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 โprices have been dropping for a while, yet nothing has been done to date by those companies making the profitsโ.
โAs we move into the warmer months, customers are starting to see smaller bills thanks to less usage, but that shouldnโt be a smokescreen for energy companies to hide behind with continued overcharging”
โWholesale savings must be passed on to customers without delay,โ Senator Byrne concluded.