Electricity prices in Ireland could rise by 8%, a minister has warned.<\/p>\n
As the war in the Middle East continues, Ireland\u2019s Minister for Energy Darragh O\u2019Brien said he believes electricity costs could increase by between 4 to 8%.<\/p>\n
Ireland has seen already protests across the country over increases in fuel prices.<\/p>\n
Mr O\u2019Brien told RTE Radio\u2019s This Week that the situation is \u201cvery volatile\u201d and that preparations should be made for \u201call eventualities\u201d.<\/p>\n
\u201cWe haven\u2019t seen increases in electricity or gas prices yet, we may see that from May, June, July period,\u201d he said.<\/p>\n
\u201cIn electricity, it will be single-digit increases but it again depends on each of the providers, looking at from 4-8\/9% depending on the provider, gas more than that. But we are prepared for that.<\/p>\n
\u201cWe have to scenario plan, which we actually did in January, that\u2019s why we have targeted payments like the fuel allowances and expanded that, so about a quarter of households in the country, about 470,000 receive direct assistance in relation to their energy bills and we have extended that for a further month. Those measures are significant but we do have to retain the ability to respond further.\u201d<\/p>\n
Asked about energy credits in the future, Mr O\u2019Brien said they are not ruling anything out at the moment but pointed out they had \u201cjust brought in additional measures\u201d.<\/p>\n
\u201cThe 750m euro total package that we\u2019ve brought in is one of the most significant in Europe, and I think people recognise that,\u201d he said.<\/p>\n
\u201cWe obviously are coming into a period of time where we\u2019ll see usage decline somewhat across households but I want to see things like deploying energy grants to make permanent changes to households and businesses, to protect against spikes in prices.\u201d<\/p>\n
Meanwhile, speaking to media in Dublin on Sunday, Taoiseach Micheal Martin said he wants to look at a structural approach to energy.<\/p>\n
\u201cIt\u2019s not easy but we have to look because this stop-start, depending on when a fossil fuel crisis or shock happens, we take temporary measures,\u201d he said.<\/p>\n
\u201cWe will be having a look at this in terms of is there a structural way we can help to alleviate generally.\u201d<\/p>\n
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