Electric Ireland has announced a whopping increase to its gas and electricity prices which are set to kick in as winter begins.
Residential electricity bills will rise by 26.7% while residential gas bills will go up by 37.5% from October 1. The move comes just a day after PrepayPower announced a €750 hike in gas and electricity prices.
Electric Ireland blamed the price hikes on unprecedented increases in international energy market prices and the subsequent impact on wholesale gas prices. Executive Director of Electric Ireland, Pat Fenlon, said wholesale gas prices have increased by more than 700% over the last year - going up by 200% since June 2022 alone.
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He said: "It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas."
Mr Fenlon added the company was aware the price increases would be difficult for many to handle and urged anyone who is having difficulty paying their bills to contact them
"We encourage any customer having difficulty in paying bills to engage with us and we will work with them to agree a manageable payment plan," he said.
Electric Ireland becomes the third energy company to significantly raise prices in the space of a week. On Friday, SSE Airtricity confirmed its electricity bills will soon go up by 35%, while the price of gas will rise by 39% from October 1.
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