Seven Irish Energy Providers to Increase Prices in April
More than half of Ireland’s energy providers have recently declared that they will be putting up their prices from early April. Read on to find out if you will be affected, how much you’ll be paying and how to avoid such a price hike.
Bord Gáis Energy and Flogas are the latest energy suppliers to announce they will be raising their prices next month. Bord Gáis Energy's electricity prices will increase by 7.4% from 12 April, thus adding around €81 to the average annual electricity bill.
Flogas will increase its standard natural gas rate by 6.5% and its electricity prices by 8.5%. This will add more than €50 to the average gas bill and around €100 to the average electricity bill.
What other energy providers in Ireland are increasing prices?
In addition to Bord Gáis Energy and Flogas, five other energy providers in Ireland have recently announced they will also be hiking up their rates next month. These providers include SSE Airtricity, Panda Power, Pinergy, Glowpower and Energia.
SSE Airtricity was the first supplier to declare a price hike. Electricity prices will rise by 6.2%, and gas prices will increase by 4.5%. These changes will add just over €60 to the average annual electricity bill and around €30 to the average annual gas bill. They will be implemented from 1 April.
Panda Power electricity prices will increase by 7.5% from 8 April, thus adding €84 to the average annual electricity bill.
Pinergy, a prepayment provider, will bump up its electricity unit rate by 4.2% on the same day as SSE Airtricity. The supplier says the average household will see its annual electricity bill climb by around €53 per year.
Energia, which currently provides the cheapest electricity rates in Ireland, will increase its prices from 5 April. An 8.6% increase will be applied to electricity prices, and gas prices will rise by 5.7%. This will add around €100 to the average annual electricity bill and nearly €50 to the average gas bill.
Glowpower, a newcomer to the Irish electricity market, says it will also increase its prices next month. The supplier increased its prices at the end of last year, along with Electric Ireland, Bright Energy, PrepayPower, Iberdrola and Pinergy.
Over the coming weeks, it’s likely that we will also see Ireland’s largest electricity provider, Electric Ireland, increase its prices. It appears the supplier may be strategically waiting for customers to switch away from other providers that are hiking their prices before it announces any changes.
Why are energy providers hiking their prices?
According to Panda Power managing director Brendan Traynor, the price hike is “unavoidable due to increasing external wholesale market and network costs”.
Energy prices dropped to record lows at the height of the pandemic. This was due to an overall decrease in demand for energy. With the world economy beginning to reopen, energy prices have started to increase yet again.
In addition to the increase in demand, network operators (the companies that own and maintain the energy networks) have also recently increased their prices. These network charges make up around 30% of your energy bill. Rather than pay the increased cost themselves, energy providers are simply passing it along to consumers.
How can I avoid spending more?
The best way to keep your energy rates from increasing is to switch energy providers. Most providers offer discounted rates to new customers, with some even offering generous cashback deals.
For more information on how to avoid paying more for your gas and electricity, check out our guide on 101 ways to save on your energy bills. For free energy advice and help switching to a cheaper offer, you can also speak to one of our energy advisers by calling 1800 816 036.