Price reduction announced

ESB has been engaged in a price review with the Energy Regulator and the Department of Communications, Energy and Natural Resources with a view to introducing an earlier price reduction for Irish electricity customers.

Following this review, the Regulator has announced a price reduction of 10% for all electricity customers in the Irish market to take effect from May, 1st 2009.

The price reduction which applies to all customers in the Irish market, irrespective of their supplier, is being funded by ESB through a re-profiling of ESB Networks charges over the next 18 months.

The revenue reduction in Networks from May 1st will be recovered in the next tariff period from October, when it is anticipated the generation component of the price will be lower.