Dublin: The closure of the Nord Stream 1 pipeline to Europe could see gas and electricity prices rise by another 50% over the winter, costing an extra €2,000 to annual bills, consumer experts fear. An energy analyst said annual household energy bills could rise by up to €6,000 a year.
The Crumlin has threatened to not fully resume Russia's gas supplies to Europe via the Nord Stream 1 pipeline until 'Collective West' lifts sanctions against Moscow over its invasion of Ukraine. The threat of an extended shutdown has been described as 'sending a new tsunami' through EU economies reeling from the pandemic.
Green Party leader Eamonn Ryan said the Budget would include another form of universal energy credit and new measures for small businesses to help people manage rising living costs.
EU governments continue to push through multibillion-Euro packages to prevent cash-strapped power companies from collapsing and protect households from soaring bills. Ministers are also expected to look forward to an emergency meeting of EU energy ministers in Brussels this Friday, where issues such as price caps and wind taxes will be discussed. It will be taken from energy companies that do not generate electricity from gas and used to reduce inflation.
Cabinet is meeting in Dublin this morning to discuss the Public Sector Energy Reduction Plan, Budget 2023 and EU proposals for a windfall tax to reduce electricity prices.
Public Expenditure Reform Minister Michael McGrath said another energy credit was "an option on the table" to help people quickly make "a real difference".
Some measures are targeted in terms of social welfare and government payment schemes. He reached the cabinet meeting and said.
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