Electric.ie November/December 2021 Edition

ELECTRIC.IE • The Magazine & Website for the Irish Electrical Industry • 51 Electric Ireland Announces Energy Price Increase E lectric Ireland has today (Friday, October 1st) announced that it is increasing residential electricity prices by 9.3 per cent and gas prices by 7 per cent with effect from 1st November 2021. This is due to unprecedented increases in wholesale energy costs. The increases equate to €9.02 per month on the average residential electricity bill and €4.85 per month on the average residential gas bill. Commenting on the announcement, Marguerite ‒ Residential Electricity price increase of 9.3 per cent which equates to €9.02 per month on average electricity bill . ‒ Residential Gas price increase of 7 per cent which equates to €4.85 per month on average gas bill. ‒ Increases due to unprecedented rise in wholesale energy costs. Industry News Sayers, Executive Director, Electric Ireland, said, “In Electric Ireland we do our very best to keep our prices as low as possible for our customers. Unfortunately, this price increase is necessary to offset the unprecedented rise in wholesale energy costs this year. “While we know any increase is unwelcome, Electric Ireland remains fully committed to providing the best value to our customers by offering one of the lowest standard unit rates in the market for electricity and gas, with an enduring discount rate of up to 8.5 per cent which reduces those unit rates further. We appreciate that energy price increases combined with other bills may put some households under financial pressure as we move into the colder winter months. We would urge any customer who has difficulty in paying their bills to engage directly with us." National Development Plan commits record €3.5bn budget for collaborative cross-border investment T he Government has announced significant additional funding and an increased level of ambition for collaborative cross-border investment in the Shared Island dimension of the reviewed National Development Plan. Under the Plan, total all- island investment through the extended Shared Island Fund, the Project Ireland 2040 funds, the Government’s annual funding for North/South cooperation and the PEACE PLUS programme, delivered with the EU, UK and NI ‒ Plan also doubles the Shared Island Fund to €1bn out to 2030 and includes a programme of investment that presents significant business opportunities North and South. The Government will work with the Northern Ireland Executive and UK Government to create a more connected, sustainable and prosperous island. Executive, is more than €3.5billion. The Government’s commitment of €500m to the Shared Island Fund, will be at least doubled out to 2030. As part of the strategic investment priorities for a Shared Island, the Government will work to develop and deliver joint and coordinated investments with the Northern Ireland Executive, the UK Government, European Union and local authority partners to build a more connected, sustainable and prosperous island, for all communities and traditions. An Taoiseach Micheál Martin TD said, “Over the next 20 years, the population on this island will grow by over 1 million, making it home to around 8 million people. The reviewed National Development Plan sets out investment priorities to meet the future needs and potential of our shared island, maximising the opportunities of an increased population, skilled workforce and larger consumer market for the island as a whole." More information on the Shared Island initiative is available at www.gov.ie/sharedisland