Pulling the plug: Spanish giant Iberdrola plans to axe its Irish electricity and gas supply businesses. Photograph: iStockSpanish player Iberdrola plans to pull the plug on its Irish electricity and gas supply businesses, hitting up to 35,000 homes.
The company blamed market conditions and prices, aggravated by an unprecedented increase in global wholesale energy costs, for the move. “Despite our best efforts, it’s become increasingly clear that the dynamics and pricing within the Irish energy supply market mean we will not be able to achieve what we want for our retail business in Ireland,” said a spokesman.
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