Electric Ireland announces third major price hike in five months
Residential electricity bills will increase by nearly 27%, while gas bills will rise by nearly 38%.
Electric Ireland customers are set to see an increase in their electricity and gas bills from next month as the energy provider has announced its third price hike in five months.
From 1 October, residential electricity bills with Electric Ireland will rise by 26.7%, while gas bills will rise by 37.5%.
The increases equate to €37.20 on the average residential electricity bill and €42.99 on the average residential gas bill per month.
This is a hike of around €446 to the average electricity bill and around €516 to the average gas bill annually.
In a statement, price comparison website Bonkers.ie said the move will impact around 1.1 million electricity customers and 150,000 gas customers.
It also said that, with Electric Ireland's two previous price hikes this year and two others in 2021, households are looking at paying over €1,000 extra for their electricity and over €1,100 more for their gas than they had before the price increases came into effect.
Electric Ireland is increasing its prices for the 3rd time in 5 months 😩
🔥Gas unit rate ⬆️ 47%
⚡️Electricity unit rate ⬆️ 38.24%
🗓From 1 October
💶Adds c. €446 a year to the average electricity bill & €516 a year to the average gas bill.
More to follow... pic.twitter.com/tk7OwC1ZUB
— bonkers.ie (@bonkers_ie) September 1, 2022
The energy provider cited "unprecedented increases" in international energy market prices and their impact on wholesale gas prices as reasons for the increase.
"This continues to be a very challenging time for customers, and an unprecedented time in the energy industry with increases to wholesale gas prices in excess of 700% over the last 12 months and 200% since June 2022 alone," Executive Director of Electric Ireland Pat Fenlon said.
"It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas.
"To put that into context, this time last year wholesale gas prices for winter were circa GBP£1.15 per therm, and as of last week, this winter’s prices were circa GBP£7.70 per therm."
Fenlon said Electric Ireland realises that these prices will be tough for many customers to absorb, adding that the company is committed to helping its customers during these difficult times.
"We encourage any customer having difficulty in paying bills to engage with us and we will work with them to agree a manageable payment plan," he explained.
"In addition, our €3 million Electric Ireland Hardship Fund is available and will be administered on our behalf by our partners SVP (Society of St Vincent de Paul) and MABS (Money Advice and Budgeting Service).”