ELECTRIC IRELAND IS giving its residential customers a €50 credit in light of the current “exceptional circumstances” surrounding energy prices.

Bill-pay customers will see the credit on their online accounts from 2 January.

Pay-as-you-go customers will receive the credit this week.

Electric Ireland also said it is increasing its hardship fund by €2 million to €5 million.

Pat Fenlon, the company’s executive director, said: “2022 has been a very challenging year for energy customers, primarily as a result of increases in international gas prices. We are acutely aware of the pressures that customers face this winter.

“Recognising these exceptional circumstances, Electric Ireland is forgoing profit from its residential electricity business. Electric Ireland’s residential customers can each expect to receive €50 credit in the New Year.”

The increase to the hardship fund, Fenlon said, “will help ensure the fund is accessible to those most in need of support during the Winter months.

“We are committed to helping any of our customers who experience financial difficulty. As always, we encourage any Electric Ireland customer who has difficulty in paying their energy bill to engage with us and we will work with them to put a manageable payment plan in place.”

Gas and electricity prices have skyrocketed this year, primarily due to the war in Ukraine.

The cost for suppliers of buying wholesale electricity has soared, and many customers’ gas and electricity bills have been hiked up this year – sometimes several times – as some of the wholesale price is passed on.

The Commission for Regulation of Utilities has however extended the moratorium on disconnections for non-payment of energy bills, with vulnerable customers unable to be disconnected between October 2022 and March 2023.