Electric Ireland & Bord Gáis to Increase Energy Prices
Electric Ireland and Bord Gáis Energy, Ireland’s largest energy suppliers, have announced they will increase their gas and electricity prices in August.
According to Electric Ireland, electricity and gas prices will rise from 1 August by 9% and 7.8% respectively. This will add €8.20 to the average monthly electricity bill, or around €100 per year. The average gas bill will increase by €4.98 per month, or around €60 per year.
The most recent Electric Ireland price increase took place last autumn when the supplier raised electricity prices by 3.4%.
Bord Gáis Energy has said it will put up its gas and electricity prices from 8 August. Electricity rates will rise by 11.6%, thus adding €11.39 to the average monthly bill, or around €137 to the average annual bill. Gas rates will go up 12.7%. This will add €8.36 to the average monthly gas bill, or around €100 per year.
This is the second time this year that Bord Gáis has raised its electricity prices. The supplier imposed an 8% increase in April, which added €81 to the average yearly bill. Annual bills will go up by more than €200 as a result of the combination of these two price hikes.
Why are the top suppliers increasing their prices?
Electric Ireland Executive Director Marguerite Sayers and Bord Gáis Energy Managing Director Dave Kirwan have blamed surging wholesale energy costs for the price increase. “As a result, we must reluctantly pass on some of these costs to our customers from August 1,” stated Sayers.
In regard to the price hike, Kirwin stated the following: “Unfortunately, we now have to reflect these higher costs in our gas and electricity prices…. We have sought to mitigate this impact and have not taken this decision lightly but the wholesale pressures are a market challenge outside of our control.”
How can I avoid the price increase?
The quickest and easiest way for Bord Gáis Energy and Electric Ireland customers to keep their bills from increasing is to switch your energy supplier. For help switching to a better energy offer, give us a call here at Selectra on 1800 816 036 or request a free callback now.