Electric Ireland announces increase in electricity and gas prices
DUBLIN: Electric Ireland has announced that residential electricity and gas prices will rise beginning next month. From August 1, prices of electricity will go up by 9% and cooking gas by 7.8%.
The company said it was forced to raise prices following a rise in wholesale prices. At the current rate, it is estimated that electricity charges will increase by an average of €100 a year and gas prices by an average of €60 a year.
Electricity rates in Ireland are 23% higher than the European average. Ireland currently ranks fourth out of 27 European countries in terms of electricity prices and ninth in terms of gas prices, according to recent Eurostat figures.
Margorite Sayers, executive director of Electric Ireland, said the wholesale price have continued to rise and are much higher than this time last year.
Ms. Sayers said the company recognises that this would be a difficult decision for some customers and that it is committed to helping customers who are suffering financial difficulties. She added that Electric Ireland is committed to implementing an affordable and workable payment plan for any customer who is experiencing difficulty paying their bills.
In addition, the company said it will continue to offer 5% discounts to financially distressed customers through industry prepayment meters and the Household Budget Scheme.
According to Daragh Cassidy, Head of Communications at bonkers.ie, Electric Ireland’s price hike was almost inevitable considering all of the recent price increases. He said the wholesale price of electricity has almost trebled since last July, so these increases were bound to be passed on.
Almost all of the country’s energy suppliers raised their prices in April, while Flogas, Pinergy, Panda Power, and Iberdrola raised their prices for the second time this year in recent weeks.
Electric Ireland last raised its electricity price by 3.4% in the autumn.
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