Over one million Electric Ireland customers avoid price hikes

More than one million electricity and gas customers with Electric Ireland will avoid price increases for now. This comes as competitors raise their rates. The chief financial officer of ESB, which owns Electric Ireland, noted that wholesale gas prices have recently dropped. Paul Stapleton said lower gas prices could lead to reduced retail prices for consumers. He highlighted that prices have already fallen since their peaks in 2022. Electric Ireland cut prices several times last year, resulting in significant savings for customers. In contrast, SSE Airtricity is increasing its prices starting April 2. Customers will see an average rise of 10.5% for electricity and 8.4% for gas. Despite this, Stapleton stated that Electric Ireland customers will not face immediate price hikes. He mentioned gas prices have decreased around 20% since the start of the year. This trend is influenced by supply and demand as well as geopolitical factors, particularly regarding the situation in Ukraine. Electric Ireland's financial performance improved significantly in 2024, showing a profit of €89 million. Overall, ESB reported lower profits due to challenges like Storm Éowyn, which caused extensive damage in January. The full costs of repairing the storm damage are still unknown, but the ESB is working to assess it soon. They expect to have a clearer picture by mid-year.