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21/04/2010
ESB Takes Control Of Own Prices
The Electricity Supply Board of Ireland (ESB) will be allowed to set its own electricity prices if it complies with a number of stipulations expected to be published today by the Commission for Energy Regulation.
The stipulations are expected to include the shedding of another 17% of its customer base and the removal of its brand from its retail business.
The changes could represent a wholesale change in Ireland's power provision sector as a new drive for competition is intruced.
Currently the ESB's prices are regulated and this has allowed the ESB to be undercut by Bord Gáis Energy and Airtricity, a move designed to encourage competition.
Bord Gáis Energy and Airtricity are running high-profile campaigns to convince ESB customers to avail of their services.
Fine Gael’s Communication, Energy & Natural Resources Spokesperson, Simon Coveney said today’s announcement by the Commission for Energy Regulation was welcome as finally there will be clarity on the timeframe for full deregulation in the household energy market.
“To date the ESB are being prevented from reducing household electricity prices in order to allow Bord Gáis and Airtricity undercut ESB prices to get market share. Fine Gael continues to be impatient in our desire for full competition in the household market to get prices down for consumers," Mr Coveney said.
He added: “The last thing we need in recession is artificially high energy prices. However a balance must be struck between ensuring that a number of competitors survive in the market and achieving full and open competition."
To date, 23% have moved away from the ESB, in large measure due to the guarantee of lower prices for a set period of time.
An ESB spokesperson said the company looked forward to competing on a 'level playing pitch' and this could only be good for customers.
However, this is unlikely to be warmly welcomed by either Bord Gáis Energy or Airtricity, who would probably have hoped the ESB only controlled 50% of the market before it could compete freely.
(DW/BMcC)
The stipulations are expected to include the shedding of another 17% of its customer base and the removal of its brand from its retail business.
The changes could represent a wholesale change in Ireland's power provision sector as a new drive for competition is intruced.
Currently the ESB's prices are regulated and this has allowed the ESB to be undercut by Bord Gáis Energy and Airtricity, a move designed to encourage competition.
Bord Gáis Energy and Airtricity are running high-profile campaigns to convince ESB customers to avail of their services.
Fine Gael’s Communication, Energy & Natural Resources Spokesperson, Simon Coveney said today’s announcement by the Commission for Energy Regulation was welcome as finally there will be clarity on the timeframe for full deregulation in the household energy market.
“To date the ESB are being prevented from reducing household electricity prices in order to allow Bord Gáis and Airtricity undercut ESB prices to get market share. Fine Gael continues to be impatient in our desire for full competition in the household market to get prices down for consumers," Mr Coveney said.
He added: “The last thing we need in recession is artificially high energy prices. However a balance must be struck between ensuring that a number of competitors survive in the market and achieving full and open competition."
To date, 23% have moved away from the ESB, in large measure due to the guarantee of lower prices for a set period of time.
An ESB spokesperson said the company looked forward to competing on a 'level playing pitch' and this could only be good for customers.
However, this is unlikely to be warmly welcomed by either Bord Gáis Energy or Airtricity, who would probably have hoped the ESB only controlled 50% of the market before it could compete freely.
(DW/BMcC)
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