Gas and electricity hikes likely to be avoided
Further gas and electricity price rises in Ireland seem set to be avoided, as the energy minister prepares to respond to applications by the Electricity Supply Board (ESB) and Bord Gais today.Michael Tutty, chairman of the Commission for Energy Regulation, will respond to an application of a 5.6 per cent electricity price increase by the ESB and Bord Gais' request for a 3.9 per cent gas price hike.
Since making their respective requests, the Irish Times reports that Bord Gais has stated that its price hike is no longer necessary, while the ESB felt it was unlikely to receive its requested rise.
Both companies were granted tariff increases last August and Mr Tutty has stated that he must be sure that both companies are able to afford their energy acquiring costs.
The Irish Times also reported that he said: "We will be taking into account the fall in commodity prices since they made their applications, but we have be certain both companies can really cover all their costs in acquiring energy."
One of the main tasks of the Commission for Energy Regulation is to work on behalf of consumers to maintain problematic areas such as that the prices they are charged are fair and that electricity and gas is supplied safely.