The EU has approved a scheme in Ireland to help support businesses experiencing high energy prices. Firms paying 50 percent more for electricity or gas compared to last year can avail of the €1.2 billion scheme for help. The scheme complies with the EU’s Temporary Crises Framework which is meant to allow member states to deal with the fallout from the war In Ukraine.
Energy inflation is, so far, one of the main consequences for Ireland of the conflict - as we all know.
There has been some assuagement of high energy prices of late, thanks to the mild weather as well as other factors. However, a new EU price cap on all Russian seaborne crude oil imports set to come into effect by December 5th, along with new sanctions,will most likely cause more pressure on prices.
So too will colder weather, due in from the Arctic in early December, according to meteorological forecasts.
