""Drawing on Eurostat data, Ireland's exposure to international gas prices helped push residential electricity prices to the highest in Europe in 2024, before taxes, levies and energy credits are taken into account.""
""Households were insulated to an extent from these high prices since 2022 following the decision by the government to temporarily reduce the Vat on energy from 13.5pc to 9pc in response to the crisis resulting from the full-scale invasion of Ukraine by Russia.""
""Network charges are imposed on electricity bills to cover the cost of building, maintaining and operating the national power grid, covering the likes of poles, wires and substations.""
""These increases in cost have been small, relative to the impact of rising fuel prices, but future network investments will increase costs to consumers.""
The ESRI warns that household electricity bills in Ireland could increase by up to €106 annually over the next four years due to rising network tariffs. In the first half of 2023, the average electricity price was 45c per kWh, the highest in Europe before taxes. Government interventions, including a temporary VAT reduction and energy credits, have shielded consumers from price hikes. However, network charges are expected to rise, driven by increased costs for maintaining the national power grid and future investments.
Read at Irish Independent
Unable to calculate read time
Collection
[
|
...
]