Four in five Dublin businesses worried about potential power outages over the winter months, according to a survey by Dublin Chamber.

Some 78% of firms expressed concern for the potential of power outages, and reduced productivity, a loss of sales and reputational damage are the most commonly feared consequences.

A number of Dublin firms said that power outages would mean a “total inability to function” and for some, “increased carbon emissions due to dependence on generators."

Asked whether they could reduce their energy usage between the peak hours of 5pm and 7pm to lessen the pressure on the national grid, 57% said that they could, but some note that "not without significant investment."

In addition to these energy concerns, Dublin firms rank affordable housing, skills and labour shortages, and business cost and competitiveness as the most difficult challenges currently facing their business.

In Association with

Housing, and the consequent impact on labour supply is the most pressing concern for Dublin Chamber's more than 1,300 member companies.

“We’re hearing from Dublin firms that housing is an issue in a league of its own, outpacing other current adversities significantly," said Aebhric McGibney, director of public and international affairs at Dublin Chamber.

"This is partly due to its direct impact on the tightening labour market, as it squeezes potential hires out of the Greater Dublin Area due to the lack of affordable housing within a reasonable commuting distance.”

“We have, in our outreach to Dublin’s 45 TDs, been consistently calling for the full implementation of the government’s Housing for All strategy and even for these plans to be exceeded.

"Housing must be built where it is needed, in the Greater Dublin Area. A review of planning legislation was due by September, but we have yet to set eyes on it. Planning reform is required to ensure that the planning system is as lean and as efficient as possible”.

Dublin Chamber has called for the creation of a "going green" tax credit, along the lines of the R&D tax credit, to assist firms with the high level of capital investment required to reduce energy consumption.

“Energy capacity and security is vital to the continued prosperity and growth of Dublin. Capital investment in upgrading infrastructure, expanding capacity and ensuring security of supply will need to be supported by Government," McGibney added.

While more than half of Dublin businesses (55%) expect revenues to rise in Q4, 2022, expected profit trends signal cause for concern. 

Dublin Chamber’s Profit Expectations Index stands at +1, its lowest mark since 2020. In stark contrast, the Operating Costs Expectations Index stands at +94, an increase of 13 points since Q2, 2022. 

At +60, the Price Expectations Index continues unchanged from Q2, 2022, indicating that the pressure to pass on rising business costs to customers from previous quarters has not waned.

"As 2022 draws to a close, Dublin firms continue to face challenges that are likely to spill into 2023. Inflation, the energy crisis, affordable housing, skills and labour shortages continue to test the resilience and innovation of Dublin firms, that are still recovering from the impact of Covid-19," McGibney said.

"Despite these challenges, 2023 will no doubt offer opportunities for businesses to grow and evolve in equal measure. Dublin Chamber looks forward to supporting businesses in availing of these opportunities, while continuing its mission of helping businesses succeed in a successful Dublin.” 

(Pic: Getty Images)