Leading energy supplier announces massive price increases for electricity and gas

A leading utility has announced some of the biggest price hikes the country has ever seen, a move that will send shockwaves through households.

SE Airtricity increases its electricity prices by more than 35 percent and its gas costs by 39 percent.

The increases apply from the beginning of October and mean that electricity customers pay 590 euros more a year and gas customers 511 euros more.

Dual-fuel customers increase their annual costs by 1,100 euros.

The move affects around 250,000 electricity customers and 85,000 gas customers.

These are the largest energy price hikes in this market and are likely to be followed by other energy players.

SSE last hiked its prices in May, when it raised the unit price of gas by 39 percent and electricity by over 30 percent.

Also, it increased its prices three times in 2021.

When all these price increases are added together, SSE customers are paying over €1,000 more for their gas and €1,100 more for their electricity every year, said Bonkers.ie’s Daragh Cassidy.

SSE Airtricity said the price change was in response to continued increases in wholesale energy costs.

Wholesale gas prices are at record levels after the Russians ‘temporarily’ shut down the gas pipeline to Europe.

The recent announcement of a price increase will increase a typical electricity customer’s bill by 35.4 percent, while a typical customer’s gas bill will change by 39 percent.

This results in an additional €1.62 per day on the average electricity bill and €1.40 per day on the average gas bill, the company said.

Household bills for dual-fuel homes will increase by 37 percent on average, equivalent to about €3.02 per day.

There is also an 8 per cent increase in subscription fees for gas and electricity customers.

But SSE Airtricity’s unit price for electricity is up 45 percent and gas is up 46 percent.

SSE Airtricity said it has a range of supports to help its financially vulnerable customers.

These measures total up to €25 million, including a price promise offsetting this price change for around 60,000 eligible customers.

This price promise will keep their electricity costs at May 2022 levels until the end of March next year. SSE Airtricity will be contacting eligible customers directly with support details by September.

SSE Airtricity Managing Director Klair Neenan said: “We know this news will be disappointing for our customers. It was hoped that market volatility would subside, but the global energy crisis continues to impact gas and electricity costs for all utilities.”

He promised price cuts if wholesale gas prices fall

“While it is difficult to predict when wholesale prices will begin to improve, we are committed to lowering our prices as soon as possible.”

Since the beginning of last year, there have been more than 50 separate price increase announcements from the various electricity and gas suppliers.

Electricity bills are now around 900 euros higher per year than they were 18 months ago.

According to Bonkers.ie, gas bills are on average €800 higher per year.

https://www.independent.ie/business/personal-finance/leading-energy-supplier-announces-massive-hikes-in-electricity-and-gas-prices-41939438.html Leading energy supplier announces massive price increases for electricity and gas

Fry Electronics Team

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