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A major increase in electricity bills will be facing consumers from the autumn, according to the Chairman of the ESB.
Due to higher oil and gas costs, which is effecting energy costs globally, the Electricity Supply Board has applied to the energy regulator for price increases, but has not yet said how much of a rise it wants.
Although early indications suggest the ESB will push to stay in line with Britain, where power companies are increasing prices by 30%.
The company has said however it is prepared to make a €300m contribution to offset the price increases, which would take 8% to 10% off bills. Depending on what the regulator decides, prices could go up by about 20% this autumn.
The ESB has come under increased competition in recent years because of competition and deregulation policy.
There have been independent power stations constructed at Edenderry, County Offaly; Huntstown and Ringsend, Dublin; Tynagh, County Galway and Aughinish, County Limerick, and it is not yet clear what impact the price hikes will have.
(DW)
