Electric Ireland price freeze welcome news for cash strapped consumers
Electric Ireland has announced that it is to freeze its residential electricity prices until 1st January, 2014 and thus absorb the additional costs arising from higher fuel and network charges.
The company also announced that until 1st January, 2014, it will also absorb the cost of the increase in the Public Service Obligation (PSO) levy, which was approved by CER to take effect from 1st October, 2013.
Speaking today, Jim Dollard, Executive Director of Electric Ireland, said “We are conscious of the cost pressures being faced by our customers and our aim is to keep increases to customers as low as possible for as long as possible. Unfortunately costs are increasing due to factors outside Electric Ireland’s control and this will result in an increase in our residential electricity prices which Electric Ireland is deferring until 1st January 2014.”
Commenting on today’s announcement by Electric Ireland, Eoin Clarke, Head of uSwitch.ie, says: “Around 1.3 million domestic electricity customers will now have some reassurance that their electricity prices will remain unchanged until the beginning of next year. This has to be welcomed and is a sign that competition in the market is starting to heat up. However, today’s announcement will only provide a short term reprieve for many Electric Ireland customers with increased prices coming into effect from 1st January.
“We would therefore urge households to review their current contracts and compare prices with the other energy providers in the market. It’s disheartening that so many households are paying out a record amount for their energy and failing to take advantage of the savings available, especially when switching provider is a really simple thing to do. With rocketing prices and cold weather coming, these savings may be a lifeline for those in a fix financially.”