Energia will push electricity prices up 29 percent in the latest wave of energy hikes

ENERGIA is the sixth energy company to increase its prices in the last two weeks.

The company is driving up the cost of electricity, gas and dual-fuel for homes by double digits starting Oct. 7 as the crippling cost-of-living crisis bites harder.

Electricity prices are up 29 percent this time, costing a typical household €511 in additional costs over a year.

Gas prices increase by 39 percent, a move that adds €520 to the cost of using that fuel over a year.

Dual-fuel customers face a 33 percent increase, adding €1,030 to the annual cost of both fuels.

For customers with Smart tariffs, there will be no increase in night tariffs and no increase in the basic price.

This is Energia’s second price increase this year, and last year there were three price increases.

The group, which is one of the four major providers in the market, has around 220,000 household customers.

If all five increases are taken into account, households pay more than 1,200 euros more for their electricity and more than 1,000 euros more for their gas over a year.

Daragh Cassidy of price comparison site Bonkers.ie said the price increase announcement was expected given recent price increase announcements from Electric Ireland, SSE Airtricity, Bord Gais Energy and others.

“That ends this cycle of rate hike announcements. The question is when the next one will start.

“Unfortunately, unless there is some kind of intervention in the energy markets, it is almost certain that all suppliers will start raising prices again in a few months. Although it is hard to believe, only a small part of the increase in the wholesale price of gas has been passed on to consumers so far.”

Energia’s managing director of customer solutions, Gary Ryan, said wholesale gas costs have increased by 650 percent.

Mr Ryan said wholesale market conditions have continued to deteriorate in recent weeks, resulting in significantly higher costs for buying gas to supply customers in the coming year and consequently higher electricity costs.

“Suppliers cannot afford increases of this magnitude, which unfortunately impacts customers’ rates.”

He said the company will continue to support its customers.

Mr Ryan said the supplier recognizes the difficulties these increases will pose for many households.

“We ask all customers who get into financial difficulties to get in touch with us and we undertake to work individually and flexibly.”

Earlier this year, it emerged that Energia’s profit after tax increased by 50 percent to EUR 28.8 million in the last financial year.

Energia’s unit, which supplies energy to residential and commercial customers, also paid a dividend of 30 million euros to its immediate parent company, according to the unit’s accounts.

The accounts cover the 12 months to the end of March last year. The division’s sales rose to EUR 948.4 million in the reporting period compared to EUR 928 million in the previous financial year.

The group is owned by US private equity group I Squared Capital and owns the giant Huntstown gas-fired power station in Dublin.

So far there have been increases of between 20 and 40 per cent from SSE Airtricity, Electric Ireland, PrePayPower, Community Power and Bord Gáis Energy during the current wave of price increases.

There have been around 60 separate price increase announcements since the beginning of 2021.

This has more than doubled the annual cost of powering a typical household to €2,000.

Gas costs have risen similarly, and the price of heating oil has doubled to around 1,350 euros for 1,000 liters of fuel.

https://www.independent.ie/business/personal-finance/energia-to-push-up-electricity-prices-by-29pc-in-latest-wave-of-energy-hikes-41969428.html Energia will push electricity prices up 29 percent in the latest wave of energy hikes

Fry Electronics Team

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