This is in spite of the fact that, according to data released by the Central Statistics Office (CSO), there was a little increase in the cost of energy between March and April of this year.

Although rates for wholesale electricity, or what is paid for power from the Single Electricity Market system, went up 2.1% in March and April, they were still 29.5% less than in April of the previous year.

In comparison to the high that was reached in August 2022, prices have decreased by 77.2% and by 59.4% since April 2022.

Future prices that consumers will pay may be predicted by changes in wholesale pricing.

According to Daragh Cassidy of price comparison website bonkers.ie, prices are still slightly over double what they were before to the energy crisis, which means that residential gas and electricity bills are still extremely expensive.

“However, considering the present state of wholesale pricing, it's very possible that we'll witness another round of price reductions in the upcoming months, perhaps ranging from 10% to 20%. This follows two rounds of price reductions that have been in place since last September and have already resulted in a 20–25% decrease in energy costs.”

“Anyone without a contract should give switching energy suppliers significant consideration in the meantime. For electricity, everyone on regular rates will currently pay about 37 or 38 cents per kilowatt hour including VAT.”

“However, new users may now get prices as low as 24 or 25 cents, which means the average household can save about €500. There's a big difference. Likewise, the same applies to petrol.”