Employers group IBEC has criticised the 3.5 per cent increase in electricity prices claiming the increase will further dent Ireland's competitiveness.
IBEC said Irish electricity prices are significantly out of line with the EU competitors and noted that the price of electricity for an industrial consumer in Ireland was 25 per cent above the European average in July 2003.
The announced increase, which will take effect from January 1 st2005, comes one week after a 9 per cent increase, announced in September, which took effect this month.
IBEC also voiced concern that liberalisation of the Irish energy market is not working.
IBEC calculates that the cumulative rate of increase in electricity prices is now over 40 per cent for business customers, since the electricity market opened.
The employers' lobby warned that energy-intensive enterprises as well as 'new economy' enterprises, which are electricity dependent by nature will be affected by the price increases.