Renewable energy company Airtricity has warned that the proposed electricity price increase, announced earlier this month by the ESB, will not be the last.
Airtricity cited the country's reliance on oil and gas for power generation and the fact that further increases are inevitable due to dwindling reserves and growing global demand. A further negative side effect for Ireland is price inflation due to an over dependence on imported oil and gas.
'If electricity is made from fossil fuels, price shocks and nasty surprises are going to go on happening to customers,' said Airtricity's CEO Eddie O'Connor.
'We are rapidly moving to a situation where fossil fuels are becoming too expensive a feed stock for burning,' he added. 'They are an invaluable source of plastics, pharmaceuticals, structural components and should not be wasted and turned into CO2,' he concluded.
