Bord Gáis is driving up electricity prices for the fifth time since last year

BORD Gáis Energy is the latest utility to increase its prices in the latest wave of hikes.

The company is pushing some of the highest increases seen in this market.

Bord Gáis Energy will hike electricity prices by 34 percent from October 2.

This increases the average annual electricity bill by €579 per year.

Gas is up 39 percent, adding €525 a year to the cost of that fuel to households.

This time, the company is not increasing the base price.

When she raised her subscription fee earlier this year, the consumer association accused her of profiting from the invasion of Ukraine. The company denied the allegation.

The reason for the recent increase is a sharp increase in wholesale energy costs, which make up the bulk of customer bills.

This is the second time Bord Gáis has hiked electricity and gas prices this year.

Electricity prices have increased three times in the past year, gas prices twice.

If all increases are taken into account, households will have to pay over €1,300 more for their electricity and over €1,100 for their gas.

This is the fifth price increase announcement by a utility in less than a week, following increases from SSE Airtricity, Community Power, PrepayPower and Electric Ireland.

The latest rise comes as gas prices in the wholesale markets have skyrocketed, up around 1,000 percent from where they started last year. Although it has gone down slightly in the past few days.

Bonkers.ie’s Daragh Cassidy said: “To say these are unprecedented times is an understatement. Price increases of this frequency and magnitude are clearly unsustainable.

“However, today’s news was expected given Electric Ireland’s announcement yesterday. The small consolation is that both providers have not increased their basic fees.”

Mr. Cassidy said we’re going into the winter with absolutely astronomical gas and electricity prices. And it gets worse.

“The average gas and electricity bill is now around 4,000 euros. That’s close to the UK price cap of £3,549.

Bord Gáis Energy Managing Director Dave Kirwan said: “The current energy crisis has no precedent and consumers and businesses around the world are grappling with a very challenging rise in the cost of living.

“We deeply regret having to increase our prices, but the magnitude of the increase in wholesale energy costs leaves us no choice.”

He said the UK-owned company will continue to do everything it can to reduce the impact on our customers and keep our prices as competitive as possible.

“We’re also donating 10 percent of our operating profits to our Energy Support Fund to help our customers who just can’t afford to pay for energy this winter.”

https://www.independent.ie/business/personal-finance/bord-gais-to-push-up-electricity-prices-for-fifth-time-since-last-year-41956308.html Bord Gáis is driving up electricity prices for the fifth time since last year

Fry Electronics Team

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