Irish households are being cautioned that electricity bills could increase by as much as €150 this year.
Energy Minister Darragh O’Brien warned that electricity providers may raise prices by up to 8 per cent, reports The Mirror.
This would translate into an annual increase of between €68 and just over €153, based on estimates using the average household electricity bill of €1,700 per year, according to the Irish Independent.
The Economic and Social Research Institute (ESRI) has also warned that yearly household bills could rise by as much as €106 over the next four years due to increased network tariffs, reports The Mirror.
The ESRI paper referenced the energy regulator, the Commission for the Regulation of Utilities (CRU): “The CRU predicts that annual household bills may rise by €59-€106 by 2029/30,”, reports The Mirror.
With the ongoing conflict in the Middle East, Minister O’Brien said he believes electricity costs could increase by between 4% and 8%.
Ireland has already seen demonstrations across the country in response to rising fuel costs, reports The Mirror.
Mr O’Brien told RTÉ Radio’s This Week programme that the situation is “very volatile” and that preparations should be made for “all eventualities”, reports The Mirror.
“We haven’t seen increases in electricity or gas prices yet, we may see that from May, June, July period,” he said.
“In electricity, it will be single-digit increases but it again depends on each of the providers, looking at from 4-8/9% depending on the provider, gas more than that. But we are prepared for that. We have to scenario plan, which we actually did in January, that’s why we have targeted payments like the fuel allowances and expanded that, so about a quarter of households in the country, about 470,000 receive direct assistance in relation to their energy bills and we have extended that for a further month. Those measures are significant but we do have to retain the ability to respond further,” reports The Mirror.
When pressed on the possibility of future energy credits, Mr O’Brien indicated that nothing is being ruled out at present, while emphasising that the Government had “just brought in additional measures”,” reports The Mirror.
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