Sadly the government will probably look at this and say if whole sale prices are falling then the tax they can take from electricity is falling so they’ll whack up the VAT and PSO next budget to ensure we can not only have the most expensive electricity in Europe but also the most expensive bike sheds.
royalmarine on
They need to introduce bands for consumption which dictate price.
Under 5MW yearly (15c per kw)
Under 10MW yearly (20c per kw)
Etc
Regular people should not shoulder the brunt of these costs compared to the larger consumers.
5555555555558653 on
Treasure island.
LegalEagle1992 on
Cue the usual suspects to do mental gymnastics to justify the consumer getting shafted.
“Ehm acktually 🤓👆we need to let these companies charge more to consumers so that it trickles down into infrastructure upgrades and so executives can have nice holidays so they can be well rested and provide a better service. It’s actually saving us money if you think about it.”
Actual domestic prices are heavily hedged in 18/12/6 month chunks, which is why you didn’t see a 21% reduction in your domestic bill in December, and you won’t see a 40% increase in your gas bill or a 20% increase in your electricity bill in January.
TL;DR : every article posted here about spot wholesale pricing is ragebait.
ShouldHaveGoneToUCC on
Solar panels have been a lifesaver for us given recent electricity prices.
I took out a credit union loan for them, and at the rate it’s going, it’ll have paid for itself in around 4 years, and has a lifespan of around 30 years.
AtraVenator on
So can expect the government to do its job and start regulating / stop price gauging yeah?
tedstriker2015 on
If the price of hops went down by 20% but the price of beer didn’t follow then I would have a choice to drink less beer – but I imagine one beer maker would compete with lower prices. When the price of electricity goes down but our bills stay high I don’t have a choice. It is the governments role to regulate this critical industry. There is, it seems, a level of price fixing happening.
mybighairyarse on
lol.
Fucking hilarious…..
Perfect-Fondant3373 on
It would be cool if the Government set regulations that electricity companies had to keep a fixed profit relative to the wholesale price
jonnieggg on
We’re getting played
MAVERICK910 on
The usual apologists will be along soon with the Something something hedging bullshit excuse.
Minimum_Holiday_5611 on
If these data centers can’t generate their own power in some way then kick them out.
PoppedCork on
And what the only guarantee ? Nothing will be done
Fluffy-Republic8610 on
I just changed my electric plan to a smart EV plan. Though I dont plan to use it to recharge my car.
There is a night time rate of electricity for three hours every night for 8c a kwh (vs 36c during the day). So I ordered an inverter (victron multiplus2) and 4 x 48v 5kwh rack batteries. And so I will charge those up each night and run the house off them during the day to avoid using the grid. And if they run out the inverter will just flip the house back to the grid automatically.
€4000 now..should repay itself in 4 years and then provide savings for the lifetime of the batteries which is 6000 cycles (and even after that they’ll still work fine, just with a degraded capacity).
And thats without any solar, which can be added to the mix later.
darragh999 on
It’s almost like that’s what you get when you privatise energy supply. I don’t understand why people think energy suppliers will do what’s best for people, they do one thing, and that’s increase profits.
Say it to anyone coming around looking for your vote. Really hammer home how you’ll vote for anyone who’ll get the prices down. If enough people do it, they’ll listen. Elections are fairly close, so enough people switching voting patterns can affect outcomes. The current government is proof it can work, they can’t get enough votes on their own to form a government so they enter coalitions.
Neither-Payment-4147 on
Only in Ireland, there’s poverty in Ireland, well it must be the billionaires, electricity prices are high, well it must be the data centres, it must be an energy companies dream to setup here.
jamster126 on
And the government is doing nothing about it. Hope all FF/FG voters are happy.
LucyVialli on
We never see our prices come down, they only ever go up. Weren’t we told before that when wholesale prices go up, we can expect to see consumer prices rise in 6-12 months? And boy, we do. But we never seem to feel the benefit of a fall in wholesale.
killianm97 on
There are obscene profits being made by energy companies. Any time you see such large profits, it is a failure of the ‘competitive market’.
The government could easily fix this by restructuring State-owned ESB to be a non-profit with the aim of reducing prices as much as possible (instead of a public for-profit with the aim of maximising profits as currently).
Imagine if the €300m in profits from ESB instead were kept in local economies, in the pockets of workers and carers and small businesses. And not only that, these reduced prices would force the private energy companies to reduce their prices in order to compete, keeping hundreds of millions more in local economies. How many businesses which are currently unviable and have to close would then become viable?
The fact that FF and FG didn’t even consider this shows how blinded they are by their ideology of profiteering and privatisation. Instead, they gave energy credits (like the UK) but refused to introduce an energy price cap (unlike the UK), which just inflated prices further and effectively functioned as a transfer of public money into private profits.
geo_gan on
Always amazes me the amount of effect and sacrifice people go to to save maybe €20 over two months by removing a streaming service like Netflix or Prime, but there is nothing they can do when faced with massive bi-monthly bills of four or five hundred for gas / electricity – a 20x higher bill compared to streaming charges – that they are stuck with (even after getting 30% “discount” by constantly swapping companies!). Can’t pirate electricity…
saggynaggy123 on
Data Centres get subsidies and we get high bills.
Waste_Glass1850 on
And will remain on the high prices so that the CEOs get their nice big pay outs and bonuses, have you not realized by now they don’t give a fuck about the bill payers , costs have been dropping over the past 2 years but the customer prices are still going up and now they want more for new infrastructure from the customer instead of taking it from the profits that they make
its_brew on
New business customers will most likely get great offers while those locked into a contract won’t see the benefits.
A reminder to make sure you know when your electricity contract is up so you can shop around
dano1066 on
Electricity companies will be super quiet now but they were all shouting and explaining when they hiked the prices immediately when wholesale prices change. They need time to line their pockets before adjusting
HowDoYouDoFool on
Regulation from the government would be nice, but they are focused on more important things, like why they “need” to attend the tyrannical US president’s St. Patrick day celebrations, on the tax payers dime of course.
GregiX77 on
Govt.
AI crap.
And other reason that is not likeable here to be presented.
33 Comments
We will not see the benefits of this.
Sadly the government will probably look at this and say if whole sale prices are falling then the tax they can take from electricity is falling so they’ll whack up the VAT and PSO next budget to ensure we can not only have the most expensive electricity in Europe but also the most expensive bike sheds.
They need to introduce bands for consumption which dictate price.
Under 5MW yearly (15c per kw)
Under 10MW yearly (20c per kw)
Etc
Regular people should not shoulder the brunt of these costs compared to the larger consumers.
Treasure island.
Cue the usual suspects to do mental gymnastics to justify the consumer getting shafted.
“Ehm acktually 🤓👆we need to let these companies charge more to consumers so that it trickles down into infrastructure upgrades and so executives can have nice holidays so they can be well rested and provide a better service. It’s actually saving us money if you think about it.”
And then European gas prices [went up 40% in January](https://www.ice.com/products/27996665/Dutch-TTF-Natural-Gas-Futures/data?marketId=6117262&span=1), and just under 50% of our electricity is from gas.
Actual domestic prices are heavily hedged in 18/12/6 month chunks, which is why you didn’t see a 21% reduction in your domestic bill in December, and you won’t see a 40% increase in your gas bill or a 20% increase in your electricity bill in January.
TL;DR : every article posted here about spot wholesale pricing is ragebait.
Solar panels have been a lifesaver for us given recent electricity prices.
I took out a credit union loan for them, and at the rate it’s going, it’ll have paid for itself in around 4 years, and has a lifespan of around 30 years.
So can expect the government to do its job and start regulating / stop price gauging yeah?
If the price of hops went down by 20% but the price of beer didn’t follow then I would have a choice to drink less beer – but I imagine one beer maker would compete with lower prices. When the price of electricity goes down but our bills stay high I don’t have a choice. It is the governments role to regulate this critical industry. There is, it seems, a level of price fixing happening.
lol.
Fucking hilarious…..
It would be cool if the Government set regulations that electricity companies had to keep a fixed profit relative to the wholesale price
We’re getting played
The usual apologists will be along soon with the Something something hedging bullshit excuse.
If these data centers can’t generate their own power in some way then kick them out.
And what the only guarantee ? Nothing will be done
I just changed my electric plan to a smart EV plan. Though I dont plan to use it to recharge my car.
There is a night time rate of electricity for three hours every night for 8c a kwh (vs 36c during the day). So I ordered an inverter (victron multiplus2) and 4 x 48v 5kwh rack batteries. And so I will charge those up each night and run the house off them during the day to avoid using the grid. And if they run out the inverter will just flip the house back to the grid automatically.
€4000 now..should repay itself in 4 years and then provide savings for the lifetime of the batteries which is 6000 cycles (and even after that they’ll still work fine, just with a degraded capacity).
And thats without any solar, which can be added to the mix later.
It’s almost like that’s what you get when you privatise energy supply. I don’t understand why people think energy suppliers will do what’s best for people, they do one thing, and that’s increase profits.
Is this the wind?
Remove 👏VAT 👏 on 👏 domestic 👏 electricity 👏 bills 👏.
Here goes nothing.. still expensive
Gouging
Say it to anyone coming around looking for your vote. Really hammer home how you’ll vote for anyone who’ll get the prices down. If enough people do it, they’ll listen. Elections are fairly close, so enough people switching voting patterns can affect outcomes. The current government is proof it can work, they can’t get enough votes on their own to form a government so they enter coalitions.
Only in Ireland, there’s poverty in Ireland, well it must be the billionaires, electricity prices are high, well it must be the data centres, it must be an energy companies dream to setup here.
And the government is doing nothing about it. Hope all FF/FG voters are happy.
We never see our prices come down, they only ever go up. Weren’t we told before that when wholesale prices go up, we can expect to see consumer prices rise in 6-12 months? And boy, we do. But we never seem to feel the benefit of a fall in wholesale.
There are obscene profits being made by energy companies. Any time you see such large profits, it is a failure of the ‘competitive market’.
The government could easily fix this by restructuring State-owned ESB to be a non-profit with the aim of reducing prices as much as possible (instead of a public for-profit with the aim of maximising profits as currently).
Imagine if the €300m in profits from ESB instead were kept in local economies, in the pockets of workers and carers and small businesses. And not only that, these reduced prices would force the private energy companies to reduce their prices in order to compete, keeping hundreds of millions more in local economies. How many businesses which are currently unviable and have to close would then become viable?
The fact that FF and FG didn’t even consider this shows how blinded they are by their ideology of profiteering and privatisation. Instead, they gave energy credits (like the UK) but refused to introduce an energy price cap (unlike the UK), which just inflated prices further and effectively functioned as a transfer of public money into private profits.
Always amazes me the amount of effect and sacrifice people go to to save maybe €20 over two months by removing a streaming service like Netflix or Prime, but there is nothing they can do when faced with massive bi-monthly bills of four or five hundred for gas / electricity – a 20x higher bill compared to streaming charges – that they are stuck with (even after getting 30% “discount” by constantly swapping companies!). Can’t pirate electricity…
Data Centres get subsidies and we get high bills.
And will remain on the high prices so that the CEOs get their nice big pay outs and bonuses, have you not realized by now they don’t give a fuck about the bill payers , costs have been dropping over the past 2 years but the customer prices are still going up and now they want more for new infrastructure from the customer instead of taking it from the profits that they make
New business customers will most likely get great offers while those locked into a contract won’t see the benefits.
A reminder to make sure you know when your electricity contract is up so you can shop around
Electricity companies will be super quiet now but they were all shouting and explaining when they hiked the prices immediately when wholesale prices change. They need time to line their pockets before adjusting
Regulation from the government would be nice, but they are focused on more important things, like why they “need” to attend the tyrannical US president’s St. Patrick day celebrations, on the tax payers dime of course.
Govt.
AI crap.
And other reason that is not likeable here to be presented.