HOUSEHOLDS SHOULD RECEIVE their one-off €100 electricity credit by the end of March. 

Cabinet today approved the text of the Electricity Costs (Domestic Electricity Accounts) Emergency Measures Bill which will allow for the crediting of €100 to domestic electricity account holders.

The one-off €100 electricity credit was approved by Cabinet before Christmas, with the scheme costing a total of €210 million.

The scheme cannot become operational until the passing of underpinning legislation through the Oireachtas which is set to be fast-tracked. 

It is hoped the legislation could be introduced to the Dáil in early February and be passed by the end of the month. It will take a few more weeks to operationalise and should be ready to be passed to account holders by the end of March.

Approximately 2.1 million domestic electricity account holders will benefit from the one-off credit which will apply to all domestic accounts, including pay-as-you-go customers.

The payment will be automatic and will apply to all domestic electricity account holders, including those that have recently switched electricity supplier, people will not need to apply for it.

Across Europe, wholesale natural gas prices have been on an upward curve since the second half of 2020, which the government says feeds directly through to retail electricity prices as the wholesale price of electricity correlates strongly with the price of gas. 

While criticisms have been levelled at the government for the lack of urgency in tackling the rising cost of living, the government maintains that this payment is one of a suite of measures to mitigate the effects of the unprecedented rise in electricity prices, which includes significant social welfare support.

A spokesperson for government said that Budget 2022 saw a number of targeted supports, these included an increase in the weekly rate of the Fuel Allowance by €5, as well as increases to the Qualified Child Payment, the Living Alone Allowance and an increase to the income threshold for the Working Family Payment.