Prepay Power customers hit with 9.9% electricity price hike

Prepay Power's price hike will increase the average weekly cost for electricity by €3.89. Stock picture

Prepay Power has become the latest energy provider to announce a price hike, with its 170,000 customers set to see the cost of their electricity rise by 9.9% from December 1.

The rise will increase the average weekly cost for electricity for a typical customer of the pay-as-you-go power provider by €3.89.

The company said there will be no change to its gas prices at this time and also promised that there will be no further increases in gas or electricity unit costs are expected this winter.

The increase will be applied only to the unit rate of electricity, according to the company, with no change to the standing charges.

Daragh Cassidy, head of communications at bonkers.ie said: “The news will come as a blow to households as we head into winter, especially as there has been a lot of talk about falling energy prices on global markets in recent days.

“But we need to remember that prices have fallen from astronomical highs and are nowhere near the price for us to see household energy bills come down.

“At one stage during summer the price of gas was up by over 1,200% compared to early 2021. It’s now up by around 500%, though it’s very volatile.

“However energy bills have gone up by around 140% over the past 18 months,” Mr Cassidy said.

A spokesperson for Prepay Power said: “Longer term wholesale electricity and gas prices are four times their historic norms.

“That has left us with no option but to increase prices for our electricity customers.”

The company also announced confirmed that it has a support fund of €750,000 to help customers.