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.

More on this topic

Electric Ireland announces a hike on gas and electricity prices

Electricity prices 50% higher now than in 2016

Electric Ireland lose 3,000 customers in a month as more and more change energy provider

Research shows one in three feel they don't have the best energy deal

More in this Section

Church ban for man bailed on theft charges

Man jailed for drug and road offences

Varadkar: 'Absolutely no chance' of four-fold increase in carbon taxes

New Belfast power station to provide electricity for half a million homes


Lifestyle

Five celebrities open up about male anxiety

Out of Africa and into Cork's Live at the Marquee

Sex advice with Suzi Godson: We’re getting divorced — but we’re still having sex

Open your mind to making an entrance

More From The Irish Examiner