Wholesale electricity prices fall by over 40%

According to the CSO, the overall Energy Products Index decreased by 36.7% since the end of last year.

Despite other energy providers including Bord Gais parent company, Centrica and Energia recording record high profits, households could be waiting up to two years before they see a significant drop in energy costs, according to leading suppliers.

Wholesale electricity prices fell by 41.4% in January 2023 compared with the previous month, falling year-on-year by 19.5%.

Figures released by the CSO show a sharp decline in wholesale electricity, following a month-on-month price surge of 93% in December 2022.