Hard-pressed consumers were given a reprieve today when Electric Ireland said it would freeze electricity costs for its residential customers until January 2014.

However, consumers are still facing increases of about 1.7 per cent from January 1st, as higher fuel and network charges come into effect, and the public service obligation levy increases. That came into effect at the start of this month, but Electric Ireland said it would absorb the higher costs until January 1st.

Electric Ireland’s executive director Jim Dollard said the cost increases were due to factors beyond Electric Ireland’s control.

“We are conscious of the cost pressures being faced by our customers and our aim is to keep increases to customers as low as possible for as long as possible,” he said.

Electric Ireland said the higher costs would add about €1.50 to the average electricity bill, with the PSO increase levying an additional €1.42 per month.