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Lauren Boland/The Journal

Taoiseach calls energy prices 'off the Richter scale' as Electric Ireland confirms new hike

Electric Ireland has announced its third increase in five months starting from October.

LAST UPDATE | 1 Sep 2022

THE TAOISEACH HAS said that energy prices are “off the Richter scale” compared to last year as Electric Ireland announced another hike, its third increase in five months.

The provider announced plans to increase residential electricity bills by 26.7% and gas bills by 37.5% with effect from 1 October 2022.

The company said the increases equate to €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill, based on the estimated annual bill as defined by the Commission for Regulation of Utilities (CRU).

The CRU have also announced that due to new tariffs on gas transmission, there will be a 1.41% increase in customers gas bills from 1 October 2021. This is equal to €16.

It followed similar recent hikes from other suppliers amid growing concerns about energy costs and security over the winter.

Taoiseach Micheál Martin said the latest increases reflects the “broader exponential rise in energy prices”.

Speaking to reporters this afternoon, Martin said that there have been “dramatic, unprecedented increases in pricing” on the energy wholesale market.

Energy ministers from around the European Union are due in Brussels next week for an emergency meeting.

“The President of the Commission [Ursula von der Leyen] has informed me that they would be bringing forward emergency provisions to try to deal with the market right now,” the Taoiseach said.

“That will perhaps be the link between the price of gas and the wider price and the need to do something quickly in respect of that, and then a more structured reform of the market over the next 12 months,” he said.

“From a government perspective, we will use the Budget and also, in tandem with the Budget, the cost of living package to alleviate pressures on households. We also have to look at the impact on businesses in terms of jobs, retention of jobs.

We will also be launching a demand reduction approach – in other words, energy efficiency all round and all of us will have to see what we can do to reduce our energy consumption, because it is very costly now at an individual level and at a societal level.”

Finance Minister Paschal Donohoe echoed the Taoiseach, telling reporters this afternoon that measures to help tackle the rising cost of living would be at the “heart” of the budget.

However, when asked if he would consider implementing energy price caps in Ireland, he said that he did not believe a cap would be implemented effectively in Ireland, due to the size of the economy.

“If price caps are being brought in, the most effective way they can be brought in is at a European wide level or even through heightened forms of international cooperation,” Donohoe said.

“I have not been convinced that we would be able to implement a price cut in an economy of our size without quickly creating other problems for ourselves.”

On a windfall tax, Donohoe said that he and the Government would be considering it, but the potential impacts of such a tax would need to be examined.

The Taoiseach said the idea of not changing the clocks in October to reduce some energy pressure in the evenings – a suggestion that has been floated – is not being considered specifically at the moment but that “the big impact we can have is on our energy consumption, how we can consume energy over the coming months”.

“We can alleviate pressures to some degree from a budgetary perspective but given the exponential growth at the moment and forecast into winter and early next year, clearly there has to be a wider intervention in the market to bring prices back down.

“I am heartened by the fact that at a European level, storage levels are over the 80% that was called for by the Commission and that is having a dampening effect at the moment in terms of prices, but relative to where we were last year, they’re still off the Richter scale.”

In a statement, Electric Ireland Executive Director Pat Fenlon said: “This continues to be a very challenging time for customers, and an unprecedented time in the energy industry with increases to wholesale gas prices in excess of 700% over the last 12 months and 200% since June 2022 alone.

“It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas.

“To put that into context, this time last year wholesale gas prices for winter were circa. GBP£1.15 per therm, and as of last week, this winter’s prices were circa. GBP£7.70 per therm.”

On 1 July the company announced increases in both electricity and gas prices citing effects from the war in Ukraine.

At that time, electricity prices were increased by 10.9%, and gas rose 29.2%.

The first increase kicked in on 1 May – at that time electricty costs went up 20%.

With reporting by Lauren Boland and Tadgh McNally

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    Mute Mayo seem to be the football equivalent of Waterfo
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    Jul 21st 2024, 7:30 PM

    Correct decision. God bless you Mr Biden and thank you for your service

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    Mute Pat Barry
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    Jul 21st 2024, 7:33 PM

    @Mayo seem to be the football equivalent of Waterfo: Amen to that brother.

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    Mute John J Barry
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    Jul 21st 2024, 8:29 PM

    @Mayo seem to be the football equivalent of Waterfo: I’m sure the Palestinians will agree with you.

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    Mute Wood Jackson
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    Jul 21st 2024, 9:21 PM

    @William Slevin: it must be so difficult for you, knowing everything. I hope you soon get some rest.

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    Mute Thesaltyurchin
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    Jul 21st 2024, 9:23 PM

    @Mayo seem to be the football equivalent of Waterfo: ‘God’… we have so far to go yet.

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    Mute Eric Gaffney
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    Jul 21st 2024, 9:46 PM

    @Mayo seem to be the football equivalent of Waterfo: Yeah thanks for all the wars

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    Mute Eric Gaffney
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    Jul 21st 2024, 10:07 PM

    @William Slevin: he’s in talks with Trump ! Where do you lot get your news?

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    Mute brian madden
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    Jul 21st 2024, 10:19 PM

    @Eric Gaffney: breibart

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    Mute David Guiney
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    Jul 21st 2024, 10:21 PM

    @William Slevin: he’s a sex pest, and rabid anti vaxer that his own family have disowned.

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    Mute another one? what's going on is the semi state sec
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    Jul 21st 2024, 10:29 PM

    @William Slevin: Well done. You used “their” in the right context!

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    Mute TheGood Feign
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    Jul 21st 2024, 11:28 PM

    @William Slevin: I think the key thing about RFK is the media won’t mention him despite his rather significant percentage in polls, significant because of the election is close then his presence spoils an outright win. I think it goes to the house of reps to elect or something like that. No place in America for an independent, land of the free, leader of the free world, yeah right.

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    Mute James T.Kirk
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    Jul 21st 2024, 11:29 PM

    @Pat Barry: I hope that has made sense
    in your head.

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    Mute James T.Kirk
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    Jul 21st 2024, 11:32 PM

    @William Slevin: Ah Mr.Slevin is back with nothing better to do with his free time than trying to prove a point. Good man Jack.

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    Mute Fergus O'Donnell
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    Jul 22nd 2024, 12:09 AM

    @William Slevin: failure of a comment.
    Can you even read?

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    Mute Annette
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    Jul 21st 2024, 7:39 PM

    Trump is too old to be president.

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    Mute Pat Barry
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    Jul 21st 2024, 7:51 PM

    @Annette: I think the near miss has set him back a bit.

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    Mute Thesaltyurchin
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    Jul 21st 2024, 9:24 PM

    @Annette: and too dumb, but ‘that’s entertainment..’

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    Mute brian madden
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    Jul 21st 2024, 10:20 PM

    @Pat Barry: he looks very dishevelled.

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    Mute Stephen Foster
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    Jul 21st 2024, 8:14 PM

    Kamala hasn’t a hope against Trump. So unlikeable, phoney and vapid. The democrats are in big trouble.

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    Mute Thesaltyurchin
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    Jul 21st 2024, 9:27 PM

    @Stephen Foster: she has one advantage. We know nothing about her.

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    Mute Argus Romsworth
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    Jul 21st 2024, 8:06 PM

    Hope President Biden enjoys his retirement. He’s implemented some excellent economic policies that have benefitted the USA massively. Which in turn has benefited us here in Ireland and helped put more money in our pockets.

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    Mute Sheila McNulty
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    Jul 21st 2024, 8:44 PM

    @Argus Romsworth: And he has supplied Israel with no end of Arms which has slaughered Thousands & thousands of innocent Children, Families wiped out in Palastine & their Country destroyed, How he could watch what was happening & still keep the arms supplied is scandalise

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    Mute James T.Kirk
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    Jul 21st 2024, 11:38 PM

    @Sheila McNulty: Nonsense, every president will support Israel by default. If you don’t know that you have a lot of reading to do.

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    Mute Ger Whelan
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    Jul 21st 2024, 8:41 PM

    He’s spent hundreds of billions of dollars financing wars on different continents while millions of Americans are falling into poverty.

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    Mute TheGood Feign
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    Jul 21st 2024, 11:38 PM

    @Ger Whelan: they’ve always done that, the US was born out of the arms industry, and it profiteered from both sides in ww1 before joining in. Supplying or demonstrating it’s arms is what it does and always has.

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    Mute Shane Kinsella (Kinsey)
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    Jul 22nd 2024, 7:31 AM

    @Ger Whelan: The irony being that the one president who didn’t start a war is vilified as a war monger. You couldn’t make this stuff up.

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    Mute 087 bed
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    Jul 21st 2024, 7:38 PM

    I wonder who AIPAC will allow to take his place.

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    Mute Thesaltyurchin
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    Jul 21st 2024, 9:25 PM

    @087 bed: Netanyahu

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    Mute Mike B
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    Jul 21st 2024, 9:28 PM

    @087 bed: Michael Rapaport

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    Mute Sean Money
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    Jul 21st 2024, 7:39 PM

    Whom is pulling the strings here?

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    Mute Ger Whelan
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    Jul 21st 2024, 7:44 PM

    @Sean Money: Putin?

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    Mute Jack Hayes
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    Jul 21st 2024, 8:13 PM

    @Sean Money: ‘Who’.

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    Mute Áine G
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    Jul 21st 2024, 8:43 PM

    It’s Trump’s now. For the taking.

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    Mute Keith o beirne
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    Jul 21st 2024, 7:32 PM

    america is a nation that can be described in a single word, asufutimaehaehfutbw.

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    Mute Pat Barry
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    Jul 21st 2024, 7:35 PM

    @Keith o beirne: …or fubar.

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    Mute stephen deegan
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    Jul 21st 2024, 8:07 PM

    @Pat Barry: or WTF

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    Mute Thesaltyurchin
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    Jul 21st 2024, 9:26 PM

    all valid

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    Mute Oh Mammy
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    Jul 21st 2024, 7:39 PM

    The US moving into a deeper ring of embarrassment

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    Mute Jack Hayes
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    Jul 21st 2024, 8:12 PM

    The best decision and he leaves with divinity. Of course, Trump’s reaction to the news is the expected vile nastiness.

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    Mute Jack Hayes
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    Jul 21st 2024, 8:15 PM

    *Dignity, I mean. I think the mentally-ill Maga cultists have the handle on messianic divinity.

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    Mute Ian
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    Jul 21st 2024, 8:30 PM

    @William Slevin: see you’re the perpetual klown on here.

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    Mute Sheila McNulty
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    Jul 21st 2024, 8:49 PM

    @Jack Hayes: dignity? he has Palastine on his Conscience supplied Israel with arms to slaughter innocent Children & Thousands of Families wiped of the face of the earth

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    Mute Bert Carolan
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    Jul 21st 2024, 8:10 PM

    A real problem for the democrats now is that Harris is seen as unelectable. The best candidate would be California governor Gavin Newsome. They now have to persuade Harris not to run.
    To an extent this is damage limitation from the democrats. A candidate that can beat Trump at this point is unlikely, not losing both houses and at least be able to block trumps policys.

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    Mute Alan
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    Jul 21st 2024, 9:14 PM

    @Bert Carolan: but Newsome is highly unpopular in California? What the Democrats need to do first is to stop banging on about what people have to lose if trump wins and instead tell people what they will gain if they vote Democrat.

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    Mute Bert Carolan
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    Jul 21st 2024, 9:28 PM

    @Alan: California will vote democrat even if it meant voting for a jack Russell.
    It’s all about optics now. Newsome will look good, will sound good and will be 30 years younger than Trump.
    Can he or any other democrat candidate carry the swing states? Probably not.
    Mind you a section of voters that were disillusioned with two ancient candidates might be motivated now.

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    Mute ecrowley ecrowley
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    Jul 21st 2024, 7:40 PM

    Would have been more effective a few days ago to take the sting out of the assassination attempt, narratively speaking. Still, he’s doing the right thing bowing out.

    48
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    Mute ecrowley ecrowley
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    Jul 21st 2024, 7:53 PM

    @William Slevin: I’ll say something to you that you have never, ever heard before…You might be right.

    46
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    Mute Paul
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    Jul 21st 2024, 9:14 PM

    But but but, Trump was wrong when he said Sleepy Joe wasn’t up to the job!

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    Mute Joseph Tierney
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    Jul 21st 2024, 7:50 PM

    What took him so long to make up his mind… Forgot he needed the proper medicine…..

    48
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    Mute Kieran Woods
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    Jul 21st 2024, 8:23 PM

    I wonder who the MIC and Isreal have chosen as the next nominee?

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    Mute John Barry
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    Jul 21st 2024, 8:23 PM

    Good luck in your retirement Mr Biden. You’ll always be welcome back home in Ireland… Now to get Gavin Newsome in.

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    Mute Sheila McNulty
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    Jul 21st 2024, 8:51 PM

    @John Barry: Really?After supplying Arms to Israel wake up

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    Mute Sean Mccabe
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    Jul 21st 2024, 8:40 PM

    Off to paddy powers and put the mortgage on trump..absolute shoe in

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    Mute Garreth Byrne
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    Jul 21st 2024, 8:18 PM

    Fintan O’Toole’s Irish Times article obviously influenced Biden’s decision.

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    Mute Vincent Hickey
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    Jul 21st 2024, 8:48 PM

    Sleepy joe will nod off now

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    Mute Argus Romsworth
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    Jul 21st 2024, 9:06 PM

    Such a brave decision from president Biden.

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    Mute Phillip Smyth
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    Jul 21st 2024, 8:20 PM

    Trump has a shoe in now, Democracy as the US partially had is now dead, the major power a dictator wants is to be glorified by his people and the adoration from same,he has the money, what else does he need only a monument and a gold plaque to go down in history.

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    Mute Paul
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    Jul 21st 2024, 9:15 PM

    @Phillip Smyth: the world was more pea full place when Trump was President.
    But lefty dopes never let the facts cloud their opinions…

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    Mute sean weir
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    Jul 21st 2024, 11:46 PM

    @Paul: rubbish

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    Mute Shane Kinsella (Kinsey)
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    Jul 22nd 2024, 7:32 AM

    @Phillip Smyth: You do know how democracy works right ?

    2
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    Mute Ian McDonald
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    Jul 21st 2024, 11:02 PM

    How the hell are fires being started at the Coolock site that is being monitored by both Gards and security personnel ??? You had one job!

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    Mute hi from heaven
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    Jul 21st 2024, 11:47 PM

    @Ian McDonald: I thought the same thing…but I presume it would be easy done with drones and petrol bombs

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    Mute James Rowan
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    Jul 21st 2024, 8:30 PM

    Covfefe

    16
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    Mute 9QRixo8H
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    Jul 21st 2024, 8:15 PM

    Could Newsom be the new JFK? Young and energetic. #SaveDemocracy2024

    14
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    Mute Richard Keogh
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    Jul 21st 2024, 8:26 PM

    @9QRixo8H: California is an absolute basket case under his leadership. His polling among Independents is horrendous, and they will be very important in deciding the election in the swing states.

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    Mute RIP
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    Jul 21st 2024, 9:04 PM

    God help America,
    playing into Putin’s hands

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    Mute Athena
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    Jul 21st 2024, 9:08 PM

    Aww, and him having received the most votes of all presidents ever, he might have topped that yet again …

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    Mute hans vos
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    Jul 21st 2024, 9:02 PM

    Brave from Biden. Seeing your own Foulds is not for everyone. Still I prefer Gretchen Whitmer or Gavin Newsom instead of Kamela Harris.

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    Mute Keith McSweeney
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    Jul 21st 2024, 8:48 PM

    Kamala Harris

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    Mute AnthonyK
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    Jul 21st 2024, 9:09 PM

    A descent choice.

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    Mute Peter Brown
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    Jul 21st 2024, 10:46 PM

    Kamala and Clinton

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    Mute sean weir
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    Jul 21st 2024, 11:46 PM

    @Peter Brown: on god no ,that’s the worst pairing ever ,trump would walk it

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