THE country’s largest utility is raising its prices.
lectric Ireland will increase electricity prices by 23.4 per cent and gas prices by 24.8 per cent from May 1st.
The basic price for electricity increases by 35 percent.
The basic charges for petrol will increase by 25 percent.
This all means that the average electricity customer has to pay an additional €300 per year and €220 for gas customers when the base price changes are included.
It is the fourth announced increase in energy prices this year.
Electric Ireland, part of the ESB Group, is Ireland’s largest residential energy supplier with more than 1.1 million electricity customers.
According to price comparison site Bonkers.ie, Electric Ireland last increased its prices in November, when it increased the price of electricity by 9.3 percent and gas by 7 percent
The increase comes just weeks after ESB Group reported operating profit of €679 million for last year.
According to Electric Ireland, the increase equates to €24.80 per month in the average residential electricity bill and €18.35 per month in the average residential gas bill, based on the estimated annual bill as defined by the Utilities Regulation Commission.
Marguerite Sayers, Executive Director of Electric Ireland, said: “We recognize that the rising cost of living is causing difficulties for households across the country.
“Unfortunately, the unprecedented and continued volatility in wholesale gas prices over the past 12 months means we must now increase our prices.”
She said the company delayed the hike for as long as possible in hopes wholesale prices would fall back to early 2021 levels, but that didn’t happen.
Ms Sayers said that Electric Ireland had the lowest cumulative price increases over the past 12 months.
When asked about the huge price hike at a time when the parent company was making massive profits, the company said the profit was 679 million euros before taxes, special charges and interest.
The after-tax profit is EUR 191 million and it pays the treasury a dividend of EUR 160 million.
Energia is raising its electricity and gas prices from April 25, while prepaid meter provider PrePayPower is raising its prices for both fuels from early next month.
Electricity prices will increase by 9.9 percent and gas prices by 19.9 percent.
PrePayPower, which provides pay-as-you-go meters to its customers, announced three increases last year. Many low-income people use pay-as-you-go meters.
Energia’s electricity prices will increase by 15 percent, which will cost the average customer an additional €247 per year.
Gas prices increase by the same percentage in a move that increases the average cost of an annual bill by €180.
Bord Gáis Energy announced in the last two weeks that it would increase electricity prices by 27 percent and gas prices by 39 percent. This adds €385 to the average Bord Gáis electricity bill and €390 to the average annual gas bill.
https://www.independent.ie/business/personal-finance/esbs-electric-ireland-latest-to-announce-a-massive-energy-price-rise-41503274.html ESB’s Electric Ireland recently announced a massive increase in energy prices