Sinn Féin - On Your Side

No price increase for ESB - Cullinane

20 May, 2004

Sinn Féin's EU candidate for the South constituency has reacted with outrage at the suggestion that ESB will be seeking a price increase for consumers after announcing massive after tax profits of €249 million.

Mr Cullinane said: "ESB already got a price increase of 5% in January of this year, and over the last three years the company has reaped the benefit of price increases amounting to 30% in total.

"No political party is as committed to supporting state companies as Sinn Féin, but this is in part because of a belief that privatised companies put pursuit of profit before anything else and take no account of the damage massive price increases can cause.

"ESB has just increased profits by over 50% in one year while cutting operational costs and increasing productivety. That is a massive success and the workers of ESB are to be congratulated.

"I are aware of the impact rising fuel prices will have on the bottom line but there seems to be no case for inflicting a heavy price increase on consumers when the company is so financially healthy and rising costs are causing such hardship across the state.

"I am calling on the Commission for Energy Regulation to refuse any request for a price increase this year." ENDS

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