It's not all bad news, as power will be 10% less expensive outside of peak hours.
The Commission for Regulation of Utilities (CRU) has announced that the cost of electricity is set to increase for large users during peak hours to ensure "power security" over winter.
The announcement came just over 24 hours following the publishing of Budget 2023.
Electricity costs will increase nationwide by 10% during peak hours, which are between 5-7pm every day.
However, electricity will cost 10% less outside of those hours, so families will be able to save money by using electricity-intensive facilities at those times.
"Peak pricing will be implemented across a number of small and large-scale consumer segments, resulting in a 10% increase in network charges during the peak period of 5pm-7pm, in alignment with the draft European Commission Emergency Regulation currently in development, and our National Energy Security Framework," the CRU said.
"This 10% increase during peak periods is offset by a corresponding decrease during off-peak periods. This is designed to act as an incentive to suppliers to promote appropriate off-peak products and services to customers."
The overall
Budget package stands at €11 billion; €6.9 billion allocated to Budget 2023, and €4.1 billion applying to emergency measures for the remainder of 2022.
"I recognise these are significant figures," said Minister for Finance Paschal Donohoe. "I also recognise the needs of people are significant." He also vowed to clamp down on energy providers raising costs if the European Union fails to implement a much-vaunted windfall tax.
"Ireland aims to be part of this EU-wide response to high energy prices," said Minister Donohoe. "If this is not possible, this Government will bring forward our own measures.
"There are major challenges coming that we know will be difficult for the population," he later added.
Energy credits of €600 are being provided to every household in three instalments of €200, with the first €200 instalment arriving before Christmas 2022, and two to follow in 2023.
Sinn Féin TD Mairéad Farrell
blasted the Government for increasing the amount of money available to those on the higher end of the wage scale in Ireland following yesterday's budget.
"Well, I wouldn't have given an €830 pay increase to people on €130,000," Farrell said.
"I don't think that's where society is at at the moment. I don't think, in terms of a cost of living crisis, that that is what is needed at this very moment in the time.
"What we need to do is to have targeted measures at those people on middle and low incomes. That is what is needed at this moment in time.
"We know that people's prices are increasing in terms of energy. They need that certainty, they need that support, they need that help.
"That's what they needed from government yesterday and that is not what they saw."
