Electricity prices to rise by 17.5%

The energy regulator has approved a 17.5% increase in ESB prices from August 1 this year due to the rising international cost of oil, gas and coal.

The Commission for Energy Regulation also says it will review market conditions later this year before deciding if any further increase should come into force next January.

Yesterday, the ESB said it was providing a €300m contribution to offset the effects of rising fuel prices.

Without this contribution, the company says the price increases facing customers could have been up to 10 percentage points higher.