Monday, August 8, 2022

Electric Ireland to implement fourth price hike in a year

Electric Ireland accounts for more than a million homes to be affected by the fourth increase in electricity and gas prices in a year.

The ESB-owned energy supplier is raising electricity prices by 11 per cent and gas prices by 29 per cent in August.

This is the second hike in Electric Ireland prices this year and the fourth since last year.

The latest move would add €164 a year to the cost of electricity for its 1.1 million customers.

The state-owned company would have seen a 67 percent increase in electricity prices since the latest hike would take effect.

The cost of gas will be €350 more expensive a year after the latest increase.

Electric Ireland gas prices will increase by 93 percent when the new increase is implemented.

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It has around 145,000 gas customers.

There was an increase in April this year and also in November and August last year.

The company attributed the increase in the cost of bulk gas by 400 per cent to repeated price hikes.

It said the ongoing disruption in the geopolitical landscape continues to drive the unprecedented rise in bulk gas prices.

Electric Ireland said it has pledged €3m for the new Hardship Fund to support its customers.

The company also emphasized that it has the lowest standard unit rate for electricity in the market.

Suzanne Ward, Interim Executive Director of Electric Ireland, said: “We understand this price increase is unwanted news for our customers.

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“We delayed this increase for as long as we could, but unfortunately, the situation in Eastern Europe and the lack of reliability of gas flows has resulted in continued high energy costs across Europe.

“We’ve seen a huge increase in the cost of bulk gas, which, in turn, affects both our gas and electricity prices.”

Head of communications at price comparison site Bonkers.ie, Daragh Cassidy, said the announcement of the new increase was expected.

“Given the size of Electric Ireland, this will be felt badly by many households across the country. We are heading into next winter with gas and electricity prices at absolutely astronomical levels. And it could get worse. “

Nation World News Desk
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