ISME angry at proposed ESB price hike
Independent business organisation ISME has reacted angrily to the announcement by ESB of a further application to the energy regulator for an increase of up to 20% in electricity prices.
Commenting on the proposed increase, ISME Chief Executive, Mark Fielding stated “It is beyond comprehension that on the day the ESB announce profits of upwards of €240m, they have the audacity to outline that they are seeking an increase which would effectively hike electricity costs by more than 80% over five years, five times the rate of inflation.
“There is clear evidence that the level of profits can be directly related to previous price increases and that the company is being aided and abetted by the regulator in achieving these profits to the detriment of the consumer and small business sector.
“The regulator has rewarded inefficiency by allowing exorbitant increases in prices, which has culminated in Irish electricity prices going from being among the cheapest in Europe to the highest, within a five-year period - so much for competition.
"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.
