Household electricity prices could rise by up to €1.75 a month to help fund €19 billion in spending by Eirgrid and ESB Networks over the next five years on boosting the Republic’s electricity system.
The State companies sought the Commission for the Regulation of Utilities’ (CRU) approval for investment in the national electricity grid and the lines that deliver power to homes and businesses earlier this year.
The commission will confirm that it will allow them spend up to €18.9 billion from 2026 to 2030 on preparing the system to supply 300,000 new homes, electrify public transport and take on electricity from offshore wind farms among other measures.
Both companies are already working on a significant number of projects covered by the spending plans.
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If they reach the €13.8 billion target, that will add €1 per month to household electricity bills, said the commission.
That figure will rise to €1.75 a month if they manage to spend €18.9 billion, the CRU added.
The commission added most of the €1 a month to bills in October when it reviewed network charges.
Figures from the Sustainable Energy Authority of Ireland show electricity prices are more expensive than the EU average. Prices rose to 31.72c per kilowatt hour in the first six months of this year. According to data from Eurostat released in May, the EU’s statistical agency, electricity prices in Ireland are the third most expensive in the EU. According to comparison site Selectra, the average annual electricity cost for Irish homeowners in May was €1,556.
Levies, taxes and charges make up about 15 per cent of Irish electricity prices, according to data from Selectra, while electricity generation is the biggest factor at 55 per cent.
