Energia announced this morning that it will increase electricity prices by 3.9% from the beginning of December.
The increase will take the supplier’s standard unit rate to 17.3 cent, excluding VAT, and will cost customers with average consumption an extra €31 a year on their bills.
The supplier has cited rising wholesale gas prices and increased network costs as the reason for the hike. Energia becomes the fourth energy company in four weeks to announce a price increase.
SSE Airtricity and Bord Gáis Energy will increase prices on November 1, while February 2018 will see Electric Ireland increasing their prices.
Airtricity, the first to announce increases, are increasing their electricity prices by 5.6%, representing a €47 annual increase for the average consumer.
Bord Gáis are increasing gas prices by 3.4% (an average of €25), and electricity by 5.9% (€57).
Next year's changes for Electric Ireland will see a 4% increase on electricity, representing a €35 increase to a consumer of average consumption.
Mark Whelan, spokesperson for price comparison site Bonkers.ie, said, “Energia’s price increase will come as a blow to customers, who will see their annual bills rise by about €31."
"The PSO levy increase kicked in earlier this month, adding €25 to annual bills, so many customers are in store for a price increase from numerous angles."
However, gas customers will be relieved to hear that they will not be affected as we head into the colder winter months.
This is the fourth energy price increase announcement in the last four week.
It is likely that more suppliers will announce hikes over the coming weeks, according to Mr Whelan.