With growing concerns of energy-related CO2 emissions and energy costs it is important to take a look at what is happening in the energy market. We’ve collected the notable events affecting the energy market in Ireland.
Energy rating an important consideration for prospective house buyers – MyHome study
According to a survey by the property website MyHome.ie, energy costs are a growing concern for prospective homebuyers. 75% of respondents are more likely to consider a property’s Building Energy Rating when making a purchase decision. Additionally, 60% of respondents said that they planned to power their homes with renewable energy, citing the high cost of traditional utilities as the reason.
Despite a recent drop in wholesale energy prices, most energy providers have not yet indicated a reduction in domestic energy prices. Over half of respondents were worried that interest rate hikes would affect their ability to buy a home. Demand for property remains strong despite the cost of living squeezing budgets.
Global energy-related CO2 emissions edged up to record high in 2022 – IEA
Global energy-related carbon dioxide emissions reached a new high in 2022, according to the International Energy Agency (IEA). Emissions from energy increased by 0.9% last year to 36.8 billion tonnes. The growth of fossil fuel emissions, which have a greater carbon footprint, is hindering efforts to limit global temperature rise, IEA Executive Director Fatih Birol warned.
While renewable energy and EVs limited emissions, deep cuts are necessary for limiting global temperature rise and avoiding climate catastrophe. The IEA also called on fossil fuel companies to take responsibility for the rise in emissions and their commitment to reducing carbon.
Energy firms urged to include households in discounts
A charity, St Vincent de Paul, has urged energy companies to pass on discounts to struggling households. This is after Electric Ireland announced a cut in electricity tariffs for small and medium enterprises. The company will reduce the tariffs by an average of 10% from next month, while gas prices for these businesses will drop by an average of 15%.
The vice-chair of the charity’s Social Justice Committee argued that energy companies needed to justify offering cuts to businesses rather than households. They added that charities were seeing more people struggling to make ends meet due to energy poverty. The charity suggested social welfare increases should be linked to inflation.
The energy market continues to affect every aspect of our lives. Contact Mark Kennedy & Co. to make sure that your finances are prepared for any changes that may come.