This week the Central Statistics Office published the latest figures on wholesale electricity prices.
These are the prices suppliers pay to acquire the energy themselves, not what they charge consumers.
The figures showed that wholesale electricity prices fell by more than 16% in the year to September.
Furthermore, the CSO said between August and September the monthly fall in the wholesale price of electricity was 2%, while prices are 75.6% lower when compared with the peak in August 2022.
What is notable is these figures come as a raft of price hikes from many of the major electricity companies - announced last month - have just kicked in.
In some cases, households are paying 10% or more for electricity due to these increases.
This brings us to the obvious question: If suppliers are paying less for electricity, why are they charging their customers significantly more?
The main excuse repeatedly trotted out by companies is increased network and system-operator charges - also known as grid fees.
These charges go towards the upkeep of the national energy grid and account for roughly a third of an electricity bill.
But does it stack up?
In comparison to other EU countries, Ireland's electricity grid is more complex.
There is a relatively dispersed population with a lot of one-off housing.
This makes the cost of maintaining the grid comparatively higher on a per capita basis.
While demand - largely from data centres - has spiked in recent years.
When demand peaks, importing electricity from abroad is not straightforward or cheap because Ireland is an island, with a lack of interconnectivity.
In August the Commission for Regulation of Utilities (CRU) approved an increase in grid investment from October that adds around €29 onto the average customer's annual bill, but energy companies can choose to absorb some or all of this cost, if they choose.
Clearly with suppliers citing grid charges for their hikes, they have chosen not to do this and to pass costs onto consumers.
Even with the extra grid fees, recent supplier price increases of around 10% for electricity do not seem to match up and this before the aforementioned fall in wholesale electricity costs is considered.
The apparent inconsistency in the Irish electricity market has not gone unnoticed.
Late last month, the International Energy Agency (IEA) published a report highlighting energy retail prices in Ireland are three times higher than wholesale prices, meaning that essentially companies are charging customers three times more for energy than what they are paying.
According to the IEA, the gap between what energy providers pay on the wholesale market and what they charge customers for the same energy is one of the highest in the world.
In addition, Irish electricity customers are paying among the highest rates across the 27 EU members.
If energy companies were struggling to stay afloat, then all of this might make sense
But this does not seem to be the case.
The suppliers - with a significant market share - that are increasing prices this month are doing just fine.
SSE Airtricity, which has hiked electricity prices for customers by 9.5%, is owned by the British utility company SSE.
SSE recorded an operating profit of £2.42 billion (€2.78 billion) in the year to March.
While SSE Airtricity, which supplies energy customers on the island of Ireland, had an operating profit of £94.5 million (€108.5 million) for the 12 months to March 2024.
Energia is raising prices by 12.1% for its electricity customers.
Earlier this year, the retail arm of Energia announced it recorded pre-tax profits of €154.33m in 2024, despite losing 14,600 customers over the 12 months.
While Bord Gáis Energy, part of Centrica, recorded a profit of €39 million for the first half of 2025.
Its customers have also seen a double digit percentage increase in bill amounts.
As energy prices rise, an increasing number of households are hurting financially.
Last month, the CRU warned the number of energy customers in arrears "could spike" without any energy credits this winter.
However, it is now known that following Budget 2026 this will not be happening.
There has been an increase in the level of indebted customers breaking repayment plans in the past year, with the value of arrears for both electricity and gas customers rising last winter.
The CRU notes that 12% more accounts were in arrears across both domestic electricity and gas markets in May this year when compared to May 2024.
It said there has been an increases in the level of customers contacting charities for help with bills.
The regulator has announced additional measures to protect energy customers this winter.
When engaging with indebted customers about a repayment plan, energy companies must now take into account as much information that is provided by a customer as possible, including disposable income, energy use, the number of dependents in the household, any other debt, as well as any recent changes in a household's circumstances.
Between 8 December this year and 16 January 2026, there will be a Christmas moratorium on disconnections for all domestic customers for non-payment.
So, the lights will not go out for anyone this Christmas, but it does not solve the issue of rising energy debt, which will be waiting for some of the most vulnerable households early in the new year.
Where will that leave society and what will it take to ultimately lower bills, especially if energy companies are charging customers more for power they are buying for much less?
