Monday 24 July 2017

ESB won't commit to price cuts as profits soar

Last month, the energy regulator launched a probe into electricity and gas prices (Stock picture)
Last month, the energy regulator launched a probe into electricity and gas prices (Stock picture)
John Mulligan

John Mulligan

Semi-state ESB can't give a commitment to customers that energy prices will fall this year, despite profits at its Electric Ireland retail arm soaring 63pc to €72m last year.

ESB group finance director Pat Fenlon told the Irish Independent that it's "too early" to say what will happen to energy costs in coming months. Aside from being sold to consumers and businesses, gas is also used by the ESB to generate electricity. "All suppliers have to deal with that issue of gas prices increasing," he said. "We're keeping that under constant review."

Last month, the energy regulator launched a probe into electricity and gas prices, questioning if suppliers may be manipulating costs to keep prices high. Energy Regulation Commissioner Aoife MacEvilly said that while retail costs for consumers had fallen, the pace of declines had not matched the fall in wholesale energy prices.

Irish Independent

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