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THE GOVERNMENT AND the regulator “must ensure” that electricity suppliers offer customers price plans with a view to reducing emissions and saving money, the Climate Change Advisory Council has said.
Dynamic electricity price tariffs are present when the price for electricity varies throughout the day and the price changes reflect the wholesale market price. It is also known as “real-time pricing”.
Essentially, a customer availing of such dynamic pricing will be able to see the price of a half-hour using electricity. Due to factors like low demand and excess renewable energy on the grid, certain times will prove cheaper for customers to utilise appliances that use larger amounts of electricity – such as using a washing machine, dishwasher, the oven, etc.
Dynamic energy pricing works on the basis of having three components: two fixed amounts (a standing charge and a basic unit rate charge), and the variable dynamic unit charge.
These tariffs have been described by the UCD Energy Institute as “a step forward” in “improving economic efficiency, promoting variable renewable generation sources, and providing choice to customers”.
Legislation enacted in 2022 entitles customers to enter into a dynamic price contract. However, no supplier has yet made this available to customers.
In September 2024, the Commission for Regulation of Utilities decided that electricity suppliers would be required to offer customers a Standard Dynamic Price Contract by 1 October 2025. However, this deadline was recently extended until 1 June 2026.
The Climate Change Advisory Council said that this was “disappointing”.
The council also highlighted that targets for emissions reductions have not been met and urged the government to accelerate the rollout of renewable energy to allow Ireland to ease its reliance on fossil fuels.
It said that investment and political attention is needed as regards the national energy grid, citing damage caused by storms Darragh and Éowyn.
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