UK-style electricity bill caps are on the table, but the focus remains on energy credits

Domestic price caps are “under scrutiny” by the government, but public spending Secretary Michael McGrath says electricity credits are to be the focus of support.

inisters will consider electricity bill price caps introduced in the UK by newly appointed UK Prime Minister Liz Truss in an ambitious and costly plan that will see households pay no more than £2,500 (€2,886) a year for the next two Years.

However, the focus of the support should be electricity credits of 200 euros, with the government considering up to three installments of the credits.

Mr McGrath said the Government has not ruled out measures that could help households struggling with rising costs.

“We will look in detail at what the UK is proposing, we will have more detail on the European Commission’s proposal and the work of EU energy ministers, but in the meantime we are developing a range of options around direct support to households and for business,” said Mr. McGrath.

“I think that’s the most likely scenario, but we’re not ruling out any option at this point.”

He was speaking as bilateral talks were held within the government on the budget and the adjacent living expenses package.

Electricity credits of 600 euros and a possible windfall tax are still on the table as measures to help households with their bills.

Meanwhile, EU energy ministers have pledged to include the UK in major new wind power plans despite Brexit.

The move here will help allay fears that vital energy ties with Britain will suffer as relations between the countries remain strained.

A memorandum of understanding is to be developed in the next few months, which is intended to continue and expand the existing energy cooperation over the coming decades.

“Despite all the difficulties, there is on the [Northern Ireland] On the protocol and other issues, we clearly understand that we need to work with the UK in the electricity interconnection market we are in,” Environment and Energy Secretary Eamon Ryan said.

Mr Ryan was speaking after a meeting of the North Seas Energy Co-operation (NSEC), an alliance of nine EU member states that have agreed to work together on transnational energy projects.

The group announced yesterday that they would aim to install enough offshore wind turbines to generate 73 gigawatts (GW) of electricity by 2030, 193 GW by 2040 and 260 GW by 2050.

This is roughly equivalent to the capacity of all land-based wind farms currently installed across the EU.

The new offshore turbines are planned off the coasts of Ireland, Belgium, Denmark, France, Germany, the Netherlands, Norway and Sweden.

Landlocked Luxembourg, also a member of the NSEC, supports the goal.

In the declaration, members pledge to secure supply chains for metals and other construction materials, simplify and expedite permitting processes, and share the energy generated by new and improved cable and pipeline connections.

Mr Ryan said he had spoken to his Belgian counterpart about laying a power cable from Ireland to Belgium, with stubs connecting to wind farms off the Netherlands.


Dutch Energy Minister Rob Jetten and Environment and Energy Minister Eamon Ryan TD during a meeting of members of the North Seas Energy Cooperation (NSEC) and the European Commission at The Commissioners of Irish Lights, Dun Laoghaire, Dublin. Photo: Gareth Chaney

Rob Jetten, the Dutch climate and energy minister, said the UK is an essential part of future wind expansion plans.

“If you look at the Dutch ambitions in the North Sea, some of the wind farms that will be built there between 2030 and 2040 are actually closer to the UK coast than the Dutch coast,” he said.

“It would be a ridiculous investment to just connect it to the Dutch grid. The best way forward is to connect it with the UK and Ireland.” UK-style electricity bill caps are on the table, but the focus remains on energy credits

Fry Electronics Team

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