Electric Ireland implements fourth price increase in a year

OVER a million homes with Electric Ireland accounts will be hit by a fourth rise in electricity and gas prices in a year.

ESB’s own energy supplier pushed up electricity prices by 11 percent and gas prices by 29 percent in August.

It is Electric Ireland’s second price increase this year and fourth since last year.

The latest move will increase electricity costs by €164 per year for its 1.1 million customers.

The state-owned company’s electricity prices will have risen 67 percent cumulatively since the year the last hike went into effect.

Gas costs are going up by 350 euros a year after the latest increase.

Electric Ireland’s gas prices will be up 93 per cent if the new hike is implemented.

It has around 145,000 gas customers.

There were also increases in April this year and in November and August last year.

The company blamed a 400 percent increase in wholesale costs for the repeated price hikes.

The ongoing disruption in the geopolitical landscape continues to drive unprecedented price hikes in the wholesale cost of gas.

Electric Ireland said it had pledged €3m to a new hardship fund to help its customers.

The company also insisted it has the lowest flat rate electricity on the market.

Suzanne Ward, Interim Executive Director at Electric Ireland, said: “We understand that this price increase is not welcome news for our customers.

“We have delayed this increase for as long as possible, but unfortunately the situation in Eastern Europe and reduced reliability of gas flows has resulted in persistently higher energy costs across Europe.

“We have seen a very significant increase in wholesale gas costs, which in turn is affecting both our gas and electricity prices.”

Price comparison site Bonkers.ie’s head of communications, Daragh Cassidy, said the announcement of the new increase was expected.

“Given the size of Electric Ireland, it is frowned upon by many households across the country. With absolutely astronomical gas and electricity prices we go into the next winter. And it could get even worse.”

https://www.independent.ie/business/personal-finance/latest-news/electric-ireland-to-impose-a-fourth-price-rise-in-a-year-41806979.html Electric Ireland implements fourth price increase in a year

Fry Electronics Team

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