ESB prices set to rise by 20%

Electricity prices are on the way up, with the ESB reportedly seeking a 20% hike in the next five years.

Domestic customers of the ESB have not had to pay more for power since 1993, but the company says it is unable to sustain its prices because of the rising cost of fuel.

The Board has told the Commissioner for Electricity Generation that it will need at least a 20% increase in prices over the next five years.

It is thought likely the Commissioner will give the request a sympathetic hearing and will start with an 8% hike from the beginning of next year.

That is an increase of £4.40 on the average two-monthly bill of £55.

The company is also thought to be arguing that the country's overall generation bill should be more equally distributed between business and domestic users, and that the practice of businesses effectively subsidising home users should end.