Seen and Heard: Electricity bills expected to rise 5%

AIB facing legal action from customers who were not switched to tracker mortgages

Declan Ganley: his broadband technology group Rivada has raised €50 million from a group of institutions and wealthy individuals. Photograph: Eric Luke

Declan Ganley: his broadband technology group Rivada has raised €50 million from a group of institutions and wealthy individuals. Photograph: Eric Luke

 

Consumers and businesses are facing rises in electricity charges at a time when the operators of the network are getting bonuses of up to 15 per cent, according to the Sunday Business Post.

According to the paper the average bill for a family will increase by 5 per cent over the next five years as the two companies responsible for the country’s electricity network – Eirgrid and ESB Networks – are preparing to embark on spending to improve the networks. Eirgrid has applied to the network to continue paying its staff up to 15 per cent in bonuses.

Elsewhere, the Sunday Business Post reports that AIB is facing legal action from customers alleging they were overcharged as the bank didn’t switch them on to a low-priced tracker mortgage.

The paper also writes that one of Nama’s most senior executives Niall White has resigned to join Opportune, a property investor and adviser company.

The Sunday Times reports that Tiger Global, the US hedge fund that backed Distilled Media, owners of daft.ie and adverts.ie, has more than doubled its money on exiting the online company. Tiger was bought out after the merger of Distilled with DoneDeal and the value put on its 25 per cent stake in Distilled is put at €20 million.

The newspaper also says that one of Ireland’s largest electrical and industrial engineering firms, Imtech Suir, has been put up for sale after its Dutch parent, Royal Imtech NV, went into receivership.

The Sunday Independent leads with a story saying that Declan Ganley’s broadband technology group Rivada has raised €50 million from a group of institutions and wealthy individuals.

Rivada declined to comment on the identity if its new investors but according to the Independent they include Silicon Valley investor Peter Thiel who made billions backing Paypal, Facebook and Stripe.