Households braced for gas and electricity price hikes

Households braced for gas and electricity price hikes

By Joe Leogue

Households will incur gas and electricity price rises of up to 12.8% from tomorrow, as companies raise charges in the domestic energy market. Earlier this summer, utilities announced their intention to raise their prices, blaming a surge in wholesale energy costs on global markets. Many of these rises are to take effect on August 1.

Electricity prices will rise by 5.80% to 9.38%, while gas prices are set to go up 4.70% to 12.80%.

Pinergy customers are to see the largest electricity rise of 9.38%, while Flogas has increased its rate more than any other gas supplier, upping its rate by 12.8%.

Electric Ireland, Energia, Flogas, Panda Power and Pinergy will all increase their prices tomorrow, with PrePayPower and Bord Gáis following on August 3 and August 6.

Price comparison website bonkers.ie said the increases mean customers can expect to see their energy bills go up by almost €200 a year in some cases.

“Customers should look at switching energy supplier,” Daragh Cassidy, head of communications at bonkers.ie said.

Energy suppliers usually save their best rates for brand-new customers which are heavily discounted compared to the standard rates a longer-term customer is charged.

“However, these deals usually expire after 12 months. At this stage, if customers don’t switch, their supplier will revert their plan to standard pricing and they’ll pay more for the exact same service.

“So by switching over to a new deal with a new supplier every year, customers can save over €300 on their energy bills.

“Around 27,000 people switch electricity supplier, and 11,000 switch gas supplier, every month, so I’d encourage anyone to join them,” Mr Cassidy said.

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