The utility noted that a full review will be undertaken by the CER later in 2008 to determine the level of the final price increase that will apply from the beginning of 2009. The recent level of volatility reportedly makes it difficult to predict the percentage increase that will apply in January 2009.
Bord Gais said that it is conscious of the impact of price increases on its customers, both residential and business. Bord Gais has experienced an unprecedented rise in prices in global energy markets where gas costs, as determined by UK wholesale gas prices, have increased by 80% since the start of 2008.
Bord Gais said that its intention is to ensure that price increases are kept to a minimum. The Irish utility is reportedly making every effort to contain the scale of price increases by ensuring that its own operating costs are minimized and that cost efficiencies are achieved throughout the organization.
David Bunworth, managing director of Bord Gais Energy Supply, said: The unprecedented volatility of global energy markets has unfortunately led us to a situation where higher gas bills for Irish consumers are inevitable. Bord Gais is committed to reducing prices when the commodity markets allow, as we previously demonstrated during 2007.
