Bord Gáis Energy has announced a small reduction in the unit price of gas and electricity. Prices (per unit) will go down by 3.5% and 2.5% respectively.
This meager concession will signify an average annual drop in price of about €29 for gas and around €25 for electricity. It is worth noting that these reductions will be largely offset by the impending water charges.
Yet, such reduction represents a mere fraction of the dramatic fall in wholesale retail gas prices. Overall, wholesale gas supply pricing has seen a sheer drop of 30% in recent months, while only a tiny portion of such margin is being passed on to customers, and probably as a rather reluctant token.
There have been calls for the government to intervene in such blatant profiteering, but Junior Energy Minister Joe McHugh has stated that ‘the Government has no role to play (in pricing), and that customers should shop around’ for the best deal available.
Board Gais is a majority state-owned company.