Prepay Power to Raise Electricity and Gas Prices as Energy Costs Surge

Dublin: Irish households are set to face higher energy bills as Prepay Power has announced price increases of 8.8% for electricity and 10.6% for gas, effective from next month. The move comes amid rising wholesale energy costs linked to ongoing tensions in the Middle East.

The company, which serves around 180,000 electricity customers and 60,000 gas customers, said this is its first price hike in over three and a half years. The increase will add approximately €3.23 per week to electricity bills and €3.28 per week to gas bills—equating to an annual rise of €168 and €170, respectively, for the average household.

Managing Director Eric Mullane said the company had tried to shield customers from rising costs for as long as possible but could no longer absorb the increases. He noted that most suppliers had already raised prices last winter, while Prepay Power had maintained a price freeze.

There are concerns that the move could trigger similar increases across the sector. Electric Ireland, which has around 1.1 million customers, is also expected to review its pricing in the coming weeks.

Energy analysts point out that wholesale gas prices have risen sharply—by as much as 40% to 50% since the Iran conflict began—while electricity costs remain significantly higher than pre-Ukraine war levels.

The price hike has drawn strong political reaction. Mary Lou McDonald described it as a “heavy blow” for families and warned that other providers may follow suit. She called on the government to introduce emergency supports, including energy credits.

Similarly, Roderic O’Gorman urged the immediate rollout of a €200 energy credit and proposed longer-term measures such as free solar panels for households receiving fuel allowance and the rapid introduction of plug-in solar solutions.

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