Electric Ireland customers to pay up to €138 more annually under new price rises

The move will affect 1.1 million electricity customers and around 145,000 gas customers. Electricity bills will rise by 8%, while gas bills will increase by 7.7%.

“The conflict in the Middle East continues to drive volatility in wholesale energy costs which have increased significantly,” its executive director Pat Fenlon said.

“The current change represents the first price increase since October 2022; unfortunately, we cannot delay this increase any further due to the sustained upward price pressure on our wholesale energy costs.

“We understand that many customers face challenges with ongoing cost of living pressures. Supporting our customers continues to be our priority.” 

The announcement comes almost a month after a similar move by PrePayPower, amid concerns that other suppliers could follow with price increases in the coming weeks.

It also follows recently published figures showing Ireland already has the highest electricity costs in the EU, with prices here 40% higher than the European average.

Darragh Cassidy, head of communications at Bonkers.ie, said the increase had been widely expected and may even have arrived sooner following Electric Ireland’s “price freeze” last winter.

“So, while today’s announcement will understandably worry households, it’s not necessarily the start of another widespread round of electricity price hikes across the market,” he said. 

“Even after this increase, for example, Electric Ireland’s standard electricity rates will still be lower than most of the other suppliers in the market.

“That said, the picture for gas is slightly different. Wholesale gas prices have risen by around 40% to 50% in recent weeks following renewed conflict in the Middle East and this is likely to put upward pressure on gas prices across the wider market.”