Electricity consumers may soon enjoy lower prices

CONSUMERS got some good news yesterday with the prospect of falling electricity prices following the announcement by the Commission for Energy Regulation that the electricity market is likely to be deregulated later this year.

Deregulation of the electricity market for domestic users could trigger a price war for the benefit of hard-pressed households as it would allow the main supplier, ESB, to lower its prices for the first time in years.

Under the current regulation of the industry, ESB has not been permitted to alter its prices to challenge its main rivals, Bord Gáis and Airtricity, as a measure to allow both other providers gain a share of the overall market.