Independent TD, Carol Nolan, has said that energy companies have been left with nowhere to hide when it comes to justifying the prices they are demanding from their customers.
The Laois Offaly TD was speaking after it was reported that energy operator Pinergy is preparing to offer its customers a price reduction of 7.1pc from the end of March.
This could mean annual savings of up €183, it was reported.
“Energy bills have acted like an albatross around the neck of households, farmers, and indeed businesses for well over a year now,” said Deputy Nolan.
“This move by Pinergy is therefore a clear signal that it is more than possible for the other main energy suppliers to introduce a reduced rate.”
“This is particularly urgent given the mood music that is coming from Government about the abolition of the VAT rate for hospitality and tourism and also the return of the higher rate of excise duty on petrol and diesel.”
“If the energy companies cannot think morally or ethically about this issue then at the very least they should think competitively and reduce their prices for a nation of bill weary customers,” Deputy Nolan concluded.
Pinergy increased energy costs to customers in December, with an 18 per cent increase announced, and this new discount will kick in at the end of March.
Wholesale electricity prices are now lower than they were before Russia invaded Ukraine, with gas prices falling since August 2022, but energy suppliers have been slow to pass on these reductions in wholesale costs to customers.