More than a million consumers to be hit with higher energy costs from Monday

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More than a million consumers to be hit with higher energy costs from Monday


More than one million households are set to feel the pinch from Monday when two energy providers push up their prices. (stock photo)
More than one million households are set to feel the pinch from Monday when two energy providers push up their prices. (stock photo)

More than one million households are set to feel the pinch from Monday when two energy providers push up their prices.

Electric Ireland – which is the State’s largest electricity provider – and PrePayPower are set to raise prices in a move that will add up to €50 to annual bills.

The new rises come on top of rises last year that added €100 to bills.

Electricity and gas suppliers are blaming increases in wholesale energy costs which is forcing them to pass on rises to consumers.

The company had a price freeze in place up to February.

And energy experts are warning that the global energy markets remain volatile and more price hikes for consumers cannot be ruled out.

Electric Ireland, the retail name of ESB, will increase electricity prices by 4pc from Monday. Gas prices will go up by the same percentage.

This will mean the average Electric Ireland customer will end up paying €38 more a year for electricity and €30 for gas. Those with a dual-fuel contract will pay an additional €68 a year.

Last summer, Electric Ireland raised electricity prices by 6.2pc and gas by 8pc.

This meant electricity prices went up by €55 over a year, with gas going up by a similar amount.

Dual-fuel customers will end up paying €180 over a year. Electricity-only customers will pay almost €100 more over a year due to the two recent price increases.

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Electric Ireland has just more than 1.1 million electricity customers and around 140,000 gas customers.

PrePayPower customers will see their annual electricity and gas bills increase by around €50 and €35 respectively.

The company has around 140,000 electricity customers and 40,000 gas customers. PrePayPower installs meters in customers’ homes which allow them to pay for their electricity as-they-go via an app, online or in-store. Daragh Cassidy of price comparison site Bonkers.ie warned that the price of energy on wholesale markets still remains elevated compared to last year, meaning further increases can’t be ruled out.

“Although the increases are at the lower end of what we’ve become accustomed to, they still come on the back of large increases last year, meaning customers are paying hundreds more for their energy compared to a few years ago.”

He said customers cut their energy costs by switching supplier, reducing energy consumption and improving energy efficiency.

“Switching suppliers is the quickest and easiest way to save money. That’s because energy suppliers offer whopping discounts of up to 40pc to new customers.”

Mr Cassidy said customers could save up to €400 a year on average on their energy costs by comparing and switching suppliers.

Irish Independent

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