Electric Ireland has announced a price freeze for residential electricity customers until 1 January 2014.

Up to 1 January 2014 Electric Ireland will absorb the additional costs arising from higher fuel and network charges. In addition until 1 January Electric Ireland will also absorb the cost of the increase in the Public Service Obligation (PSO) levy which was approved by CER to take effect from 1 October 2013.

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Jim Dollard, Executive Director of Electric Ireland, said: "We are conscious of the cost pressures being faced by our customers and our aim is to keep increases to customers as low as possible for as long as possible. Unfortunately costs are increasing due to factors outside Electric Ireland’s control and this will result in an increase in our residential electricity prices which Electric Ireland is deferring until 1 January 2014."

(CD/IT)