Electric Ireland to cut rates for businesses only not houses from next month – TheLiberal.ie – Our News, Your Views

Electric Ireland to cut rates for businesses only not houses from next month

Image source: Electric Ireland

Electric Ireland will reduce its electricity tariffs for small and medium-sized businesses in the Republic of Ireland by an average of 10% from next month, reports RTE.

Gasoline prices for these businesses are expected to decrease by an average of 15%.

However, the power company said it is very difficult to predict the trajectory of residential electricity and gas prices, but it will continue to monitor rates.

Electric Ireland has advised these commercial customers that the reduction is the result of a drop in the cost of wholesale electricity prices.

They said the exact changes will vary depending on each company’s rate plan and how much electricity and gas it uses, reports RTE.

However, matches with businesses seen by RTÉ News show that some businesses have been offered electricity cost reductions of up to 15%.

An Electric Ireland spokesman said while wholesale markets have declined in recent months, they remain at substantially higher levels, in multiples of pre-crisis levels.

Finance Minister Michael McGrath said this move by Electric Ireland along with changes to the Business Temporary Power Support Scheme was good news for businesses.

The shift from wholesale reductions to pressured households can’t happen soon enough, he said, reports RTE.

The CSO reported last week that wholesale electricity prices were 19.5% lower in January than in the same month last year.

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