ISME: ESB price-rise application 'beyond belief'
ISME has reacted angrily to the announcement by ESB to apply to the energy regulator for an increase of up to 10% in electricity prices.
ISME Chief Executive, Mark Fielding said: "It is almost beyond belief that on the day the ESB announced significant profits of €267m they had the audacity to seek an increase which would effectively hike electricity costs by more than 55% over the last four years, over five times the rate of inflation.
"This is a company that can afford to pay one of the highest average wages in the economy, €250k per person for redundancy, pay workers not to work and still produce profits of the magnitude announced today".
"Unfortunately the vast majority of small businesses are not in a position to consistently seek and be granted price increases that directly add to their profits, as is the case with ESB.
"Instead these companies are forced to absorb dramatic increases in their production costs in the last number of years, including labour, transport and energy.
"A further increase in electricity costs will lead to many of these companies, particularly those involved in manufacturing reviewing their operations, with the consequential negative impact on investment and jobs."
ISME said that "the energy regulator has been prepared to roll-over for its ESB master whenever the whim takes their fancy, giving the impression that they are almost a sub station of the electricity company".
"The regulator has overseen a disastrous term in office, which has culminated in Irish electricity prices going from being among the cheapest in Europe to the highest, within a five-year period."
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