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ESB rate cut by "up to 17%"

Enterprise Minister Richard Bruton today welcomed the ESB’s announcement of price cuts of up to 17% for electricity and gas customers, and promised to continue the fight to bring down costs across the economy, help restore confidence and kick-start growth.

Based on the figures provided, this move could see €100million or more being transferred from the ESB back into the pockets of their electricity customers alone. This is not including Airtricity, Bord Gais, or gas customers who are eligible for further savings. It represents a major saving for hard-pressed consumers and a small but helpful stimulus for the economy in these difficult times.

As part of my jobs and growth plan, I am determined to reduce costs, increase access to finance, encourage the development of technology and innovation and ensure that government takes a lead in all these areas. Today’s announcement is one example of how competition can help to push costs down for businesses and consumers.

As part of my jobs and growth plan I will be promoting in the context of the upcoming Jobs Budget measures such as: A reduction in PRSI costs for employers; Addressing legal costs for businesses through various initiatives currently in development; A partial loan guarantee scheme to increase the flow of credit to job-creating businesses; An end to upward-only rent reviews.

Click here to read the Department's Press Release