Active energy customers saving over €2,000 on gas and electricity, CRU finds 

Consumer switching rates were robust in 2023, with 12% of electricity customers and 14% of gas customers switching supplier during the year

Aa global energy costs continue stabilise, the wholesale price of gas last year was 53% lower compared to the average price in 2022

Active energy customers who switched to the best available discount tariff or renegotiated every year for the last four years could have saved €946 on electricity, €775 on gas or €2,018 on their dual fuel costs, the Commission for Regulation of Utilities (CRU) has found.

Publishing its 2023 Energy Monitoring Report on Friday, the commission found that the average price decrease for domestic customers was 10.5% for electricity and 12.5% for gas for a standard pricing plan between 2022 and 2023. Consumer switching rates were robust in 2023, the CRU added, with 12% of electricity customers and 14% of gas customers switching supplier during the year.

The report also found that 21% of electricity and 26% of gas customers renegotiated their contracts with their current supplier, a 3.5% and 21.4% increase from 2022 in electricity and gas respectively.

Aa global energy costs continue stabilise, the wholesale price of gas last year was 53% lower compared to the average price in 2022, which saw historically high increases due to global demand and the impact of the Russian invasion of Ukraine. The wholesale price of gas was 16% lower compared to 2021.

Wholesale electricity prices were 44% lower in 2023 compared to 2022 and 7% higher than the average price in 2021, the CRU found. Estimated Annual Bills (EABs) decreased by a weighted average of 10.5% in electricity and 12.5% in gas, as a result of the decrease in the cost of wholesale gas and electricity during that period.

With the decrease in wholesale electricity costs, suppliers announced price reductions in electricity in 2023, with the first decreases announced in autumn.  

Arrears

At the end of 2023, 11.3% electricity and 22.6% of total gas customers were in arrears. 0.9% of domestic electricity customers and 0.5% of domestic gas customers were on payment plans in 2023.

Customer disconnections due to non-payment of account were 1,487 for electricity and 1,643 for gas compared to 2,498 electricity and 990 gas disconnections in 2022. This represents a decrease in the electricity market of 40% and an increase in the gas market of 66%. 

This represents 0.05% of all electricity and 0.2% of all gas customers being disconnected in Ireland. The decrease in numbers of disconnections in 2023, can be attributed to the extended disconnection moratorium that was in place from December 2022 to March 2023, as well as a further moratorium from December 2023.