EirGrid says average home pays €9.75 per-month for its services as it pitches investment plan
EirGrid
says the average home pays €9.75 a-month for its services in a plan seeking go-ahead to invest in its system.
Regulators are proposing to allow EirGrid and fellow State company ESB Networks invest an initial €14.1 billion over the next five years to overhaul the systems that bring electricity from power stations to more than two million customers.
Eirgrid's submission to the Commission for the Regulation of Utilities (CRU) calculates that it could need between €4 billion and €7.6 billion to expand the electricity grid to meet growing demand and take on more renewables, among other things.
The company calculates that its operations amount to €117 a-year, €9.75 a-month, from the total average household electricity bill, which it estimates at slightly more than €1,900, including VAT.
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That comes to around 6 per cent of what Irish families pay every year for electricity, according to its figures.
EirGrid and ESB Networks combined sought the CRU's backing for investment plans totalling €19 billion from next year to 2030.
The commission said this week it would allow them €14.1 billion initially, but could increase this up to €19 billion should both companies show that they are meeting targets and budgets.
This could cost the average customer from €6 to €16 a-year extra for electricity, the CRU calculates.
Michael Behan, Eirgrid's chief financial officer argued on Thursday that the review of its spending plans was an opportunity to invest in the Republic's future.
'Investment in our grid infrastructure and the capacity and capability of EirGrid to fulfil its critical role is fundamental to unlocking greater energy independence and security, as well as supporting national and regional economic growth,' he said.
Its plans include updating existing power lines, putting in new overhead and underground lines, upgrading existing substations and building new ones.
The CRU has allocated EirGrid €2.6 billion of the €14.1 total allowed to the two companies.
The commission intends monitoring their progress, only allowing them exceed the initial investment that it has approved if they show they are meeting targets and keeping their plans on track.
EirGrid and ESB Networks sought approval for the investment in a process dubbed 'Price Review 6″. Both will have to increase their charges to help pay for their expansion plans, adding to customers' bills.
Households and businesses cover network costs through a standing charge on their bills that is separate from the actual cost of their electricity.
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