Energy prices soared in 2021 as the country came out of Covid, even before the cost of living crisis worsened across 2022.
And expert analysts at the energy watchdog has predicted than prices will rise even further next year.
The latest annual report from the CRU (Commissioner for Energy Regulation) is for 2021 and it showed price increases of 380% in wholesale gas and 260% in wholesale electricity compared to 2020.
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There were more canny consumers last year, with switching levels increasing as 14.5% of electricity and 17% of gas customers changing supplier.
There was also an increase in arrears levels, but disconnections remained lower than any previous year.
CRU Director of Customer Policy and Protection, Karen Trant, said: “The biggest driver for active customer behaviour in 2021 was the increase in prices that suppliers had announced. “While prices have continued to rise, there is still good value in switching supplier and we would encourage all customers to extract every cent of value that is available in the market by switching or renegotiating with your supplier.
“The price rises announced by suppliers over the last nine months of 2021 and during this year is a trend that is impacting all energy customers across Europe and we will unfortunately expect to see a trend of high prices continue in 2023."
A CRU spokesman added: “2021 was the beginning of a particularly volatile period for energy customers in terms of price rises, with average increases of 380% in wholesale gas prices and 260% in wholesale electricity compared to 2020.
“The majority of these wholesale increases occurred in the second half of 2021, meaning there was a lag between the main increases in wholesale prices in 2021 and increases in both electricity and gas Estimated Annual Bills (EAB’s), the main comparison mechanism for customers.
“Supplier EABs increased by a weighted average of 20.1% in electricity and 23.3% in gas, driven by the increase in the cost of wholesale gas and electricity during that period.
“All suppliers announced price increases in 2021, beginning in March that year and continuing.
“The main price increases were concentrated in Q4 of 2021, with 11 of the 31 price increases announced coming in this quarter.”
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