It seems the only way is up when it comes to electricity and gas prices.
Bord Gáis has become the latest energy provider to increase the cost of its electricity and gas, announcing its second major price hike this year.
From 2 October, the average residential electricity bill with the company will rise by €48.25 (34%) per month and the average residential gas bill will rise by €43.80 (39%) per month.
This means an additional €579 to the average electricity bill and €526 to the average gas bill annually.
Price comparison website Bonkers.ie has said the move will impact around 350,000 electricity customers and 300,000 gas customers.
Bord Gáis last increased its prices in April of this year and also increased its electricity prices three times in 2021, as well as its gas prices twice.
“When all increases are taken into account households are looking at paying over €1,300 more for their electricity and over €1,100 more for their gas,” Bonkers.ie said.
Bord Gáis is upping its prices for the 2nd time this year.
🔥Gas unit rate ⬆️ 45.7%
⚡️Electricity unit rate ⬆️ 48.6%
🗓From 2 OctoberNo change in standing charge.
💶 Adds c. €579 a year to the average electricity bill and €526 a year to the average gas bill😬
— bonkers.ie (@bonkers_ie) September 2, 2022
The energy provider cited “record increases in wholesale energy costs” as the reason for the increase.
“There is no precedent for the current energy crisis and consumers and businesses across the globe are grappling with very challenging increases in the cost of living,” Managing Director of Bord Gáis Energy Dave Kirwan said in a statement.
“We deeply regret having to raise our prices but the scale of increases in wholesale energy costs leaves us with no choice.
“We continue to do everything we can to reduce the impact on our customers and keep our rates as competitive as possible.
“We are also pledging 10% of our operating profits to our Energy Support Fund to help customers of ours who simply can’t afford to pay for energy this winter.
“We are working with a number of organisations to help customers access this fund, which has already supported many eligible customers facing difficulty.
“We know that there are customers who are struggling and our urgent message to them is to engage with us so that we can give them supports that reflect their unique circumstances.”
Earlier this week, Electric Ireland announced its third price hike in five months.
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