Energy

Energy firms under pressure to pass price cuts on to customers

Lack of clear information on potential reductions is complicating government’s budget calculations

Eamon Ryan, Minister for the Environment, wants energy companies to indicate when prices will fall and by how much. Picture: Fergal Phillips

The government is heaping pressure on energy companies to deliver on household energy bill reductions in time for the budget, as wholesale energy prices continue to fall.

Following unprecedented energy price spikes last year, wholesale electricity prices fell this month to their lowest point since 2021.

However, the vast majority of energy companies have not passed on the price reductions to households, due to varying levels of hedging strategies that have locked in higher wholesale ...