New figures show that electricity prices in Ireland are the second highest in Europe with only Germany paying larger bills. To explain why this is the case, Daragh Cassidy of bonkers.ie appeared on RTE News at One.

Listen to the interview above or look at the main points discussed below.

Main points from the interview:

High Electricity Prices: Despite lower VAT on electricity, Ireland has the second highest prices in Europe.
Reasons for High Costs:

Heavy reliance on gas which generates 40-50% of Ireland's electricity.
Island location and weak grid connections limit cheaper electricity imports.
Dispersed population leads to higher infrastructure costs.
Investment in renewable energy requires significant funding which will be borne by consumers.
Renewable energy, while beneficial for the environment, is not necessarily cheaper.

Future Expectations: Prices are unlikely to return to pre-2020 levels, but some downward pressure may occur over the coming years.
Ways to Save Money:

Government initiatives like the Celtic Interconnector with France could help reduce costs.
Consumers can switch providers to get cheaper rates, potentially bringing costs down to those in Latvia.
Utilising smart metres to shift usage to cheaper times.
Seeking tips from the Sustainable Energy Authority of Ireland for reducing energy consumption.

Bottom line: While prices are high and likely to remain so, switching providers and being strategic about energy use can help Irish households lessen the financial burden.

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Why is electricity so expensive? - RTÉ News