Warning over hike in energy prices

Irish consumers could be hit with significantly higher energy prices as a result of a single European electricity market, a leading economic thinktank has warned.

In a newly published research paper on EU proposals for an integrated European electricity market, among all member states, the Economic and Social Research Institute (ESRI) said that while the proposals could result in greater trade, “it could come at the cost of significantly higher prices in the domestic market”.

While the institute didn’t place an actual figure on its outlook, it said current proposals could lead to an increase of a few percentage points in average bills.