Opinion: Price is a contentious issue but we need to understand value of electricity and plan for what lies ahead
Electrification remains the best opportunity to lower total energy bills for households
Retailers have been able to keep electricity prices significantly below the market price through the worst of the volatility last year, and as they smoothed the high prices they are now smoothing the lower market prices, again reducing volatility. Electrification remains the best opportunity to lower total energy bills for households due to significant efficiency gains over car engines and oil boilers. It also allows consumers take advantage of cheap night-time electricity to power electric vehicles or batteries for use during the day.
Measures such as tax incentives , grant adjustments or social protection measures, should be implemented to ensure that the societal benefit of electricity is equalised across society to avoid unfair burdens on the most vulnerable.. However, the intensity and urgency of the measures implemented to date have not been sufficient to ensure delivery of Ireland’s 2030 commitments and this lack of progress will result in the adoption of more robust, costly and higher risk measures in the future.
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