The little known Commission for Regulation of Utilities (CRU) quietly announced what it called a “suite of new enhanced consumer protection measures” last week.
In short, there will be no gas or electricity supply disconnections for a period of three to six months this winter.
The announcement came a day before one energy supplier confirmed some of the largest ever increases in household gas and electricity prices in Ireland.
Other suppliers are anticipated to follow SSE Airtricity's lead and raise electricity and gas unit prices by more than 45 percent starting on October 1. This increase will go into effect days after the government's "Cost of Living Budget."
This fall, more energy price increases are anticipated to be added to the more than 50 that have already been announced over the previous 18 months, ranging from the Covid epidemic to Russia's invasion of Ukraine.
The percentages for vulnerable groups, including the elderly, have already been calculated: by the end of next year, older people's savings and salaries could lose 15–25% of their purchasing power.
There is no indication that the energy crisis will resolve soon. The government as a whole is aware of this as ministers head back to their desks to create a package of policies for a much-anticipated budget that they believe would "take the edge off" harsh shocks this winter.
One government minister acknowledged this week that it was difficult to predict when inflation would reach its peak. Price increases are currently only heading in one direction, with all experts modifying their upward estimates.
The Central Bank's most recent forecast, released in July, predicted that inflation would likely begin to drop after reaching a peak of above 10% in the upcoming months.
But then and now. In the UK, which introduced an energy price cap two years ago and has been steadily raising it during the current crisis, inflation was forecast last week to rise by 18 per cent next year.
According to government sources here: "If we have price stability by this time next year - it's 50-50."
.png)
The opinions posted here do not belong to 🔰www.indiansdaily.com. The author is solely responsible for the opinions.
As per the IT policy of the Central Government, insults against an individual, community, religion or country, defamatory and inflammatory remarks, obscene and vulgar language are punishable offenses. Legal action will be taken for such expressions of opinion.