Energia customers hit with third price hike in seven months

One of the country’s largest energy suppliers is raising its prices for the third time in just seven months.

One of the country’s largest energy suppliers is raising its prices for the third time in just seven months. 

From October 18, Energia customers will see an increase of 15.7% on their electricity bill while its gas customers can expect their bills to increase by 18.5%.

This translates to the average customer forking out around €187 more for their annual gas bill and about €223 more for their annual electricity bill.

The move will affect around 160,000 electricity customers and 60,000 gas customers, who already endured price hikes in April and July of this year.

When previous increases are taken into account, the average annual electricity bill for Energia customers will now be around €450 higher since the start of this year, while gas customers will be paying over €320 more.

“There seems to be a crisis in the energy market at present,” Daragh Cassidy, of independent price comparison and switching website Bonkers.ie, commented.

“Rapidly increasing prices in the wholesale cost of energy are being passed on to consumers, coupled with a lack of electricity output due to power plants being down that is putting further pressure on prices.” 

Price increases of this magnitude and frequency are unsustainable, he said.

“And coupled with recent concerns about potential power outages and pressure demands on the grid, questions need to be asked about how the market is being managed.” 

As always, Mr Cassidy recommends customers consider switching suppliers to avail of the best rates.

“Despite the rising prices, there is still huge competition among the 14 energy suppliers in Ireland for new customers right now and they’re all offering huge discounts to those who switch.

“The average switcher could save around €500 a year just by changing supplier.

That could help "offset" the price hikes, he said.

A spokesperson for Energia said the increases were unfortunate but unavoidable due to "global conditions."

But, the company will "continue to review wholesale electricity and gas prices, to provide customers with the best possible value and service" they added.