Irish energy bills are set to drastically increase in just nine days time, with price hikes set to come into effect for several energy suppliers.
Irish energy bills are set to drastically increase in just nine days time, with price hikes set to come into effect for several energy suppliers. From October 1, households are being warned that Electric Ireland, PrepayPower, Community Power, and SSE Airtricity will all increase their electricity and gas prices. It means that millions of Irish customers are set to be hit with a big increase in their electricity bills this winter, while further increases are expected later this year from Energia and Bord Gais Energy.
The price hikes have been blamed on the international energy crisis, with households set to bear the brunt of the energy price increases. SSE Airtricity are planning on increasing electricity rates by 45.2% and their gas rates by 46.3% from October 1. For Irish customers, this means that €49 per month will be added to their electricity bill and €42 per month on the average residential gas bill. The company attributed the rising costs to the war in Ukraine in a statement previously available on their website, saying: “We know this news will be disappointing for our customers. It was hoped market volatility would ease, but the global energy crisis continues to impact gas and electricity costs for all energy suppliers,” managing director Klair Neenan said in a statement. The change will affect approximately 250,000 electricity customers and 85,000 gas customers.
The company says that a support plan is being created to assist people who will struggle with the additional costs.
Electric Ireland is state-owned and they are going to increase their electricity bills by 26.7% and gas bills by 37.5% from October 1. The rises will cost €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill. This is the third time Electric Ireland has upped its prices this year, and they have blamed the price hikes on unprecedented increases in international energy market prices and the subsequent impact on wholesale gas prices. Executive Director of Electric Ireland, Pat Fenlon, said wholesale gas prices have increased by more than 700% over the last year – going up by 200% since June 2022 alone.
Energy provider PrepayPower will hike its prices by 19%, while gas prices will rise by 29%, resulting in an additional €339 to the average electricity bill and €428 to the average gas bill. Over 170,000 electricity customers and 60,000 gas customers will be affected by the change. PrepayPower said the hike is a result of “continued upward price pressure on international energy markets” and comes as the energy provider’s third price increase so far this year. It previously raised prices in July, which saw electricity increase by 12.5% while gas went up by 21%.