The Commission for Energy Regulation (CER) today agreed an 8 per cent increase in the price of electricity for industry from 2006.
However, the Irish Business and Employers Confederation (Ibec) have reacted angrily to the news disputing the 8 per cent figure and argues that it fails to accurately reflect the increases being experienced by employers.
According to Brendan Butler, IBEC's Director of Enterprise, "the Regulator failed to highlight that for some high electricity users, increases of between 15 per cent and 19 per cent may be expected"
"This coupled with an average 25 per cent rise in gas tariffs considerably undermines the competitiveness of Irish business,' he added.
Mr Butler called on the Government to reinvestment the €77 million ESB dividend in the energy system.
"With Ireland's cost base totally out of line with its trading partners and 500 industrial jobs being lost every month, manufacturing in Ireland is at serious risk,' he added.
According to CER the average increase for domestic users is 3.14 per cent.