ELECTRICITY bills went down by 5% this month, making them a total of 8.7% cheaper than a year ago and saving the average household €5.17.
According to the National Markets and Competition Commission (CNMC), which regulates price-setting of public and private sector utilities and essential services, the typical household is on a 4.4 kilowatt (kW) supply with an annual consumption of 3,000kW per hour, or 250kWh per month, meaning May's electricity bill would be €53.74, a saving of €2.82 on that of April and of €5.17 on that of May 2018.
The wholesale energy market has also seen a reduction, with the average daily price for May being €48.40 per megawatt per hour (MWh), being 13.5% lower than in May last year and 4.2% cheaper than in April this year.
Price forecasts for the year 2020 show a guideline price of €56.08 per MWh.
Overall, the average wholesale price of electricity in 2019 has been €54.60 per MWh, or 5% lower than in 2018, when costs began to soar.
After a series of consecutive increases, by September 2018, the wholesale price of electricity peaked at €71.27 per MWh, or 40% higher than the average for the previous three years.
Electricity bills for consumers – households or organisations – are split 65% in taxes and charges and 35% in consumption, meaning relatively little incentive for customers to save on energy use.
