Sir, – This week we have seen an increase announced from Electric Ireland of 23 and 24 per cent for electricity and gas prices – an increase which is four times the current inflation rate of 5.6 per cent. This is Electric Ireland’s second increase in six months, with a previous increase of 9 per cent in November. The standing charge, not raw material dependant, has been increased by 35 per cent.
I understand there is pressure on raw materials given the current position regarding Russia. I also understand inelastic demand for these products exists, allowing such increased to be possible. However, a company which has an operating profit of €679 million and an after-tax profit of €191 million for the last financial year can more than afford to absorb some of these increases.
Few workers will receive a a cost of living increase of 25 per cent, not to mind those on low or fixed incomes. While prices rises are necessary in many contexts at the moment, this is tantamount to financial piracy. – Yours, etc,
NIAMH BYRNE,
Fairview,
Dublin 3 .