Bord Gáis the latest energy supplier to announce significant price hikes

The company provides gas and electricity to over 513,000 residential and business customers throughout the country.

Bord Gáis has become the latest energy supplier to announce an increase in prices, in another blow to households heading into the winter months.

From October 2, the company says it will be increasing electricity bills by 34% (€48.25) and gas bills will jump by 39% (€43.80) per month. This will add €579 to the average annual electricity bill and €525.60 to the average gas bill.

The company provides gas and electricity to over 513,000 residential and business customers throughout the country.

Bord Gáis has already raised costs this year, with the average electricity and gas bills rising by 27% and 39% respectively in March.

The move follows a swath of increases from suppliers in the last few days with SSE Airtricity, Electric Ireland, and Prepay Power all announcing significant price rises for gas and electricity.

In a statement, Bord Gáis Energy’s managing director Dave Kirwan said they “deeply regret” having to raise prices. He pinned the blame on the scale of increases in wholesale energy costs as leaving them with “no choice”.

“There is no precedent for the current energy crisis and consumers and businesses across the globe are grappling with very challenging increases in the cost of living,” Mr Kirwan said.

He said that 10% of its operating profits will go towards an energy support fund to help customers who cannot afford to pay for energy this winter.

It is working with Mabs, Focus Ireland and St Vincent de Paul to deliver this funding.

Mr Kirwan added: “We are working with a number of organisations to help customers access this fund, which has already supported many eligible customers facing difficulty.

“We know that there are customers who are struggling and our urgent message to them is to engage with us so that we can give them supports that reflect their unique circumstances.”

Households have been warned they face annual gas and electricity bills of €6,000 if prices keep increasing at the current rate, more than triple what they were paying at the start of 2021.

Bord Gáis Energy’s adjusted operating profits rose by 74% in the first half of this year to just under €40 million. It has hiked prices on a number of occasions in the last year, most recently in April.

Facing numerous calls to help, the Government has pledged to deliver support for families hit with huge energy costs in this month’s Budget and the Taoiseach has said work is also ongoing at European level to offer relief.

The European Commission, meanwhile, said on Thursday it is looking into options to cap energy prices and cut electricity demand as part of its upcoming proposals to tackle soaring energy costs.