Energia Announce Electricity Price Increase of up to 12%
Energia has announced a price increase of up to 12.1% for its electricity customers that will add more than €200 onto their annual bill. The price increase will take effect from 9 October which will see standard electricity unit rates rise by 10.9% with dual fuel and smart electricity customers facing a 6% and 12% increase respectively. The company cited increasing system operator and network charges as the reason behind its price increase, which is set to affect all of their 221,400 electricity customers.
How Much Are Energia Increasing Their Electricity Prices By?
Energia announced the following increases for their electricity customers effective from the 9th of October:
- Electricity customers – increase of 10.9% – €3.94 per week – €204.88 annually
- Dual Fuel customers – increase of 6% – €3.92 per week – €203.84 annually
- Smart Meter Electricity plan customers – increase of 12.1% – €3.73 per week – €193.96 annually
- Smart Meter Dual Fuel plan customers – increase of 6.2% – €3.71 per week – €192.92 annually
Energia gas customers will not be impacted by these price increases.
In addition to these price increases on Energia's electricity rates, and smart electricity rates, there will also be a reduction to Energia's clean export guarantee (CEG) payment. This is made to residential customers who export surplus electricity back to the grid through the supplier's microgeneration scheme.
The rate will decrease from 20c/kWh to 18.5c/kWh from 9 October.
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Why Are Energia Increasing Their Electricity Prices?
Energia has stated that the price increases are "unavoidable" due to "ongoing, substantial increases in electricity system operator and network charges."
These charges are a significant part of a consumer's electricity bill, and they are regulated and approved by the Commission for Regulation of Utilities (CRU).
They are designed to cover the costs of:
- Maintaining and upgrading the electricity grid: This includes ensuring the reliability and efficiency of the network.
- Ensuring security of supply: This involves having enough power generation available to meet demand, which sometimes requires bringing more expensive and flexible sources online.
- Addressing network constraints: This refers to the challenges of managing the flow of electricity on the grid, especially with the growing amount of renewable energy sources, like wind and solar, which are intermittent.
- Investing in decarbonisation: Upgrading the grid is essential to accommodate more renewable energy and meet Ireland's climate goals.
According to Energia, they have absorbed several of these cost increases over the past three years, and this latest price change is a direct result of the cumulative impact of these higher system and network charges.
Other energy suppliers in Ireland have also recently announced price increases, citing similar reasons.
How Do I Contact Energia Customer Service?
You can contact Energia via their customer service line on 0818 405 405, open Monday to Friday, 9am-5pm.
How Will Energia's Price Increase Affect my Bills?
The increase in electricity prices by Energia will have a direct impact on your bills, and the specific amount will depend on your customer type and usage.
Here are the key figures provided by Energia:
- For a typical Energia Electricity customer: The average annual bill will increase by 10.9%, which works out to an extra €3.94 per week or approximately €205 per year.
- For Smart Meter Electricity plan customers: The average annual bill will see a 12.1% increase
- For Dual Fuel customers (electricity and gas): The average annual bill will increase by 6%, which is about €3.92 per week
The price changes are a result of higher unit rates and standing charges. A standing charge is a fixed daily fee for maintaining your connection to the grid, while the unit rate is the cost per unit (kWh) of electricity you use.
While the price increase is a significant amount, it's important to remember that these are average figures. Your actual bill will depend on your own energy consumption. The more electricity you use, the greater the monetary impact of the price hike.
It's also worth noting that this is the third electricity supplier in Ireland to raise prices this year, and experts suggest more may follow. This makes it a good time to compare tariffs and consider switching providers to find a better deal.
What Can I Do About Increasing Electricity Prices?
In light of these developments, Selectra urges electricity customers to manage their energy consumption and explore all available options to mitigate the impact of rising costs:
| Strategy | What It Involves | Potential Benefits |
|---|---|---|
| Switch Suppliers | Compare offers from different electricity providers and switch to a new one, especially if you're out of contract. | Significant discounts (often 30% or more) for new customers in their first year. |
| Optimize Flogas Tariff | If you're a Flogas customer, ensure you're on a discounted contract. If you have a smart meter, consider switching to a time-of-use tariff. | Potential savings on night-time usage and overall reduced rates. |
| Actively Manage Usage | Implement energy-saving habits like unplugging electronics, using energy-efficient appliances, optimising heating/cooling, and utilising natural light. | Reduced overall electricity consumption, leading to lower monthly bills. |
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