Electricity providers urged to pass on fall in wholesale prices to EV drivers
Pay Last Average Rate On Vehicles Energy Pared From From €900 Figures Recent Year To €967 Cuts Of New Will Ev Per Ireland Light Aa At Home Drivers Their Show Year, To In Late Charge Panies
Energy firms have been urged to use the fall in electricity costs to encourage more electric vehicle (EV) drivers, as new statistics show a 38% wholesale price decrease in the year to January.
Statistics from the Central Statistics Office this week revealed the sharp drop over the last year in wholesale prices, but Bonkers.ie had warned they were still at double the normal levels.
Labour climate spokesperson Rebecca Moynihan nevertheless urged the ESB to pass on this reduction in costs to consumers using charging points, who have had to contend with surging price hikes since 2022.
"We must ensure that the benefits of cost reductions are passed on to consumers, rather than contributing to inflated profits for charging companies,” the senator said.
It comes as new figures from AA Ireland show EV drivers will pay on average €900 per year to charge their vehicles at home compared to €967 late last year, in light of recent rate cuts from energy companies.
AA Ireland's Blake Boland said: “With the wholesale price of electricity coming down steadily last year and this year, EV drivers are seeing the benefits in their pockets.
“We anticipate that electricity providers will continue to pass on the reduced costs to the motorist. We think there is plenty more scope for prices to drop.”
Mr Boland said the cost of running an electric car could end up being a fraction of what it would be on a petrol or diesel car.
He said a typical 17,000km travelled in year would cost electric vehicle owners €900 on average, compared to the €2,047 it would take to keep a similarly sized diesel vehicle on the road for that distance.
Mr Boland added petrol and diesel have both risen in the last month, to €1.71 per litre and €1.72 per litre, respectively.
“We had a steady drop in fuel prices over the last four months,” he said. “We are disappointed to see that trend coming to an abrupt halt.”