Cabinet expected to sign-off on €100 electricity credit plan
Ministers are expected today to sign-off on a plan to assist households struggling with the rising cost of electricity bills.
It is believed that a once-off €100 credit will be recommended by the Green Party leader and Minister for the Environment Eamon Ryan at a Cabinet meeting this morning.
It is anticipated the measure will cost the Exchequer around €210 million.
New legislation would be required for such a move which means that, if the plan is passed by Cabinet today, consumers will not get the reduction until at least February.
Inflation is running at a 20-year high of 5.3%, according to the Central Statistics Office.
The main driver is a spike in electricity, gas and other fuels, which are up 29% on this time last year.
The Government plans to off-set some of that pain through a universal, once-off credit of €100 per domestic household – a payment which is not means tested.
It will involve ESB Networks liaising with energy suppliers who will then reduce domestic household bills.
Pre-paid customers will be covered by the scheme, which is being finalised in liaison with the Commission for Regulation of Utilities.