Irish energy bills are set to drastically increase in just nine days time, with price hikes set to come into effect for several energy suppliers.
From October 1, households are being warned that Electric Ireland, PrepayPower, Community Power, and SSE Airtricity will all increase their electricity and gas prices. It means that millions of Irish customers are set to be hit with a big increase in their electricity bills this winter, while further increases are expected later this year from Energia and Bord Gais Energy.
The price hikes have been blamed on the international energy crisis, with households set to bear the brunt of the energy price increases. Here's everything we know so far about each energy suppliers set to undergo a price hike in the coming months.
Read more: Budget 2023: How possible measures could affect pensioners
SSE Airtricity
SSE Airtricity are planning on increasing electricity rates by 45.2% and their gas rates by 46.3% from October 1.
For Irish customers, this means that €49 per month will be added to their electricity bill and €42 per month on the average residential gas bill. The company attributed the rising costs to the war in Ukraine in a statement previously available on their website, saying: "We know this news will be disappointing for our customers.
"It was hoped market volatility would ease, but the global energy crisis continues to impact gas and electricity costs for all energy suppliers,” managing director Klair Neenan said in a statement. The change will affect approximately 250,000 electricity customers and 85,000 gas customers.
The company says that a support plan is being created to assist people who will struggle with the additional costs
Electric Ireland
Electric Ireland is state-owned and they are going to increase their electricity bills by 26.7% and gas bills by 37.5% from October 1. The rises will cost €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill.
This is the third time Electric Ireland has upped its prices this year, and they have 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.
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.
Prepay Power
Energy provider PrepayPower will hike its prices in gas and electricity prices from October 1.
The provider’s electricity prices will rise by 19%, while gas prices will rise by 29%, resulting in an additional €339 to the average electricity bill and €428 to the average gas bill. Over 170,000 electricity customers and 60,000 gas customers will be affected by the change.
PrepayPower said the hike is a result of "continued upward price pressure on international energy markets" and comes as the energy provider's third price increase so far this year. It previously raised prices in July, which saw electricity increase by 12.5 per cent while gas went up by 21 per cent.
Community Power
Electricity provider Community Power has announced that their customers will see an increase of approximately 38% on their electricity bills from October 1.
The rise will equate to €60.46 per month on the average residential electricity bill.
Bord Gais Energy
Bord Gais Energy is set to increase their electricity and gas rates from October 2. The company has announced an increase of 39% on residential gas bills and 34% on electricity bills, and this represents an average rise of €48.25 per month on electricity bills and €43.80 per month on gas bills.
The company said the increased charges have been introduced in response to record increases in wholesale energy costs. Bord Gais Managing Director, Dave Kirwan, said the company "deeply regrets" the price hike.
Energia
Energia customers are set to see an increase of 29% on their bills from October 7. This will cause the average electricity customer to fork out an extra €9.82 a week, while their gas customer bills will increase by 39% or an average of €10.02 a week.
According to Energia, dual fuel customers will face a rise of 33% will amount to an average of €19.84 per week. However, their standing charge will not be increasing.
The company provides electricity and gas to around 160,000 and 60,000 customers respectively. This increase marks their second hike of the year, as prices were upped by just under 19% in April.
Read Next:
- Energia becomes latest gas and electricity provider to announce major price hike
- PrepayPower announce €750 hike in gas and electricity prices
- SSE Airtricity bills set for huge increase in October
- Bord Gais Energy confirm substantial price hike in gas and electricity bills
- Paschal Donohoe promises Budget 2023 will help with spiralling gas and electric bills
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