Gas and electricity prices rose over 250%  - CRU report 

File photo dated 11/10/21 of a view of an electricity pylon.

The cost of energy skyrocketed as coronavirus restrictions began to end, new data from the Commission for Energy Regulation (CRU) has shown.

The latest energy and water monitoring report from the CRU highlighted the alarming rise in costs in 2021.

On average, the wholesale price of gas was 380% higher in 2021 compared to 2020 and the wholesale price of electricity was 260% higher in 2021 compared to 2020, with most of these increases occurring during the second half of the year.

Every supplier announced a price increase in 2021 after the increase in the price of electricity and gas on the wholesale market.

They first began in March and continued through to the end of the year.

These increases were introduced before the cost of living crisis saw bills rise even further in 2022.

A total of 358,267 people switched providers for electricity, an increase of 17.7% on 2020's figures.

Other key findings of the report included:

• In 2021, the electricity switching rate was 14.5% and the gas switching rate was 17%. Of total switches, 38% were dual fuel switches.
• At the end of 2021, 12.6% of total electricity and 18.3% of total gas customers were in arrears and 0.5% of domestic electricity customers and 0.2% of domestic gas customers were on payment plans.
• Comparing Ireland’s energy prices to other European countries, in semester 2 of 2021 (July - December 2021), the average price in Ireland for domestic electricity customers was 12.8% above the Euro Area average. 
• If a domestic customer had switched to the best available discount tariff each year for the past 4 years they could, over the course of the 4 years, potentially have saved up to: €2,324 on electricity and €1,266 on gas.

Topping up a pay as you go electric digital prepaid card credit meter

CRU Director of Customer Policy and Protection, Karen Trant, said: "The biggest driver for active customer behaviour in 2021 was the increase in prices that suppliers had announced. 

"While prices have continued to rise, there is still good value in switching supplier and we would encourage all customers to extract every cent of value that is available in the market by switching or renegotiating with your supplier.

"The price rises announced by suppliers over the last nine months of 2021 and during this year is a trend that is impacting all energy customers across Europe and we will, unfortunately, expect to see a trend of high prices continue in 2023."