Electric Ireland to introduce extra credit for customers as energy prices soar

Europe got hit by roughly €1tn from surging energy costs in the fallout of Russia’s war in Ukraine.

Electric Ireland announced plans to give an additional €50 credit to its residential customers in the New Year as households battle cold snap while energy costs soar.

The energy company also said it will forego profit from its residential electricity business amid “exceptional circumstances”.

“2022 has been a very challenging year for energy customers, primarily as a result of increases in international gas prices,” said Pat Fenlon, executive director at Electric Ireland.

The credit is on top of the €200 energy supports for households introduced in the recent budget. Over 1.1m existing Electric Ireland residential electricity customers will receive €50 credit.

The energy firm also said its Hardship Fund will be increased by €2m to €5m.

A disconnection moratorium is in place as well for Electric Ireland residential customers and will continue until the end of February, and until the end March for those who are registered as vulnerable customers, as mandated by the Commission for Regulation of Utilities.

In summer, Electric Ireland announced plans to increase residential electricity bills by 10.9% and gas bills by 29.2%.

ESB Group, in which Electric Ireland operates, reported surging profits at the end of Q3, with revenues increasing by €1.5bn in the past year due to high energy prices exacerbated by the war in Ukraine.

ESB said its “generation and supply businesses are required to operate separately, so increased profits from ESB’s generation business cannot be used to offset costs incurred by Electric Ireland”, the Irish Examiner reported in recent months.

Europe got hit by roughly €1tn from surging energy costs in the fallout of Russia’s war in Ukraine.