Business energy costs for firms in Ireland are set to rise as plans to reduce state-funded credits are implemented next month.
Companies that use large amounts of business energy currently benefit from government credits worth a minimum of 1,100 euros (£900) depending on how much business gas and electricity they use.
The Commission for Energy Regulation said the system, which was introduced last year, will be downscaled, reducing the value of credits by 44 per cent from next month.
Experts predict that the reduction in credits will add more than 60 million euros to firms' business energy costs over the next 12 months. The rise in energy costs will be further exacerbated by a proposed public sector levy that will be imposed on electricity customers.
The combined impact of the public sector charge and the reduction in credits could add around 1,800 euros a month to the average pharmaceutical plant's bill.
The levy is being introduced to support the government's use of wind and renewable energy sources.
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