Electricity price rise of 17.5% gets go ahead
PATRICK LOGUE
PATRICK LOGUE
Electricity bills are to rise by 17.5 per cent on August 1st, the Commission for Energy Regulation (CER) announced today. The Commission said it had agreed to the price increase requested by the ESB adding it was as "a direct result of the sharp and consistent increase in international fuel prices over the past year". The Commission said it would examine prices again in early November to decide on prices in 2009.
Today’s interim increase follows news yesterday that the ESB was making a €300 million contribution to help offset electricity price for consumers next year. The company also revealed yesterday that it made profits of €432 million in 2007.
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ESB bills set to rise 30% by October
By Geoff Percival
ELECTRICITY bills will increase by up to 30% by the end of the year. The latest bad news for households comes as Central Statistics Office figures show the cost of living rose again last month to 5%. Although ESB chairman Lochlann Quinn declined to speculate on price increases — saying it was a matter for the Commission for Energy Regulation — he conceded hikes would be on par with the 30% rises in Britain. “We don’t want to preempt what that decision may be, but we would suspect there will be further price increases. Energy prices and the cost of fuel have to be paid for and when you look at what is happening in the British market, it is a response to market conditions,” he said.
Any price change is likely to come into effect by October. However, the ESB is cushioning the blow by paying a €300 million contribution to the regulator. Mr Quinn said this payment would result in between 8% and 10% reductions in charges — leaving the overall hike at around 20%. Last month’s rise in inflation — up 0.3% to 5% — was driven again by rising food and energy prices coupled with increases in mortgage costs.
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