Wholesale electricity prices have fallen by over 40% in the last 12 months across Ireland, according to new figures.

The latest report from CSO reveals the significant decrease, which also included a 13.5% fall in prices between April and March 2023.

These figures have prompted a call from Fine Gael Senator Maria Bryne urging energy companies to pass on savings to customers.

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Senator Byrne said: "This is a substantial saving and must be passed on to customers.

"Energy companies were quick to increase prices when their own costs increased, but we are not seeing the same urgency in passing on savings to customers as energy prices come down.

"As we can see from today's figures, prices have been dropping for a while – yet nothing has been done to date by those companies making the profits.

"As we move into the warmer months, customers are starting to see smaller bills thanks to less usage, but that shouldn't be a smokescreen for energy companies to hide behind with continued overcharging.

"Wholesale savings must be passed on to customers without delay."