In a new analysis of household energy prices, the Commission for the Regulation of Utilities says it expects further price reduction from suppliers in the coming months.
However, the regulator says a return to retail prices levels like those in 2021 is unlikely as wholesale energy prices are still higher than they were at that time.
The analysis from the CRU also finds Irish consumers pay the ninth most expensive domestic electricity prices in Europe and the fifth most expensive gas prices.
It points out, however, that after the Russian invasion of Ukraine in 2022 Irish retail prices were slower to rise than in other European countries.
According to the CRU "hedging " strategies used by Irish energy suppliers, where they purchase energy at a fixed price in advance, protected customers from the worst affect of the spike in wholesale gas prices - the key driver for electricity prices.
Aoife MacEvilly, Commissioner of the CRU, said it was aware of the challenges that customers face in the context of ongoing high energy prices.
"The CRU will continue to closely monitor retail market developments and keep customers informed. The ongoing stabilisation of wholesale markets has driven recent retail price reductions, with the scope for further reductions to follow," she said.
"However, as wholesale and retail prices remain above historic average levels, we would continue to urge customers to be active in ensuring they are on the most suitable tariff for their needs," she urged.
"Switching supplier, renegotiating with your current supplier, or signing up for a smart tariff can deliver savings for customers," the Commissioner advised.
"Customers struggling with arrears are also encouraged to engage with their supplier to ensure they are protected under the Supplier Engage Code," she added.
CRU expects energy prices to fall further
In a new analysis of household energy prices, the Commission for the Regulation of Utilities says it expects further price reduction from suppliers in the coming months.
