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ENERGY COMPANY ELECTRIC Ireland has announced today that it is increasing its residential electricity prices and residential gas prices from 1 August.
The company said these increases are in direct response to sustained increases in wholesale energy prices.
The supplier will increase its residential electricity prices by 6.2%, or €56.16 a year, and its gas prices by 8%, or €55.08 a year, based on typical residential electricity and gas customers usage.
“Electic Ireland is absolutely committed to keeping prices as low as possible. It had been a very difficult decision to make, but the wholesale costs required to supply electricity and gas are continuing to rise,” Niall Dineen, head of residential markets at Electric Ireland said in a statement.
In June, energy company Airtricity also announced that it is increasing its standard household energy prices from 14 July.
A typical household dual fuel bill will increase by 8.9% on average per week or €140 per year. For single fuel customers, the standard price of electricity will increase by 6.4% per week or €58.76 per year while the standard price of gas will rise by 12.3% a week or €81.64 per year.
Commenting on Electric Ireland’s announcement, Eoin Clarke, managing director of Swticher.ie, said: “This spells bad news for cash-strapped consumers. Household energy prices rose across the board last winter, but today’s announcement – which comes hot on the heels of a price hike from SSE Airtricity – suggests that there’s still more to come.
Many of us are already stretched to the limit and simply cannot afford to pay through the nose for essentials like gas and electricity. This is why it’s crucial to make sure we’re all paying the lowest rate possible for our household energy, and this will help soften the impact of any hikes.
“But little over one in 10 of us switch energy supplier each year. If you haven’t already shopped around then we would strongly urge you to do so now.”
Concerns
St Vincent De Paul (SVP) has said it is concerned over the impact these latest price increases will have on low-income, energy-poor households.
“As weather patterns become more unpredictable, it is crucial that the government future-proofs supports and provides assurance for energy-poor, financially vulnerable customers,” Jennifer Thompson, social policy development officer at SVP said.
“This will be particularly important in light of the trend of increasing wholesale prices.”
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If only we had an energy regulator.
The prices are to high they should take the VAT off bills we already paid some of the highest prices for gas and electricity in Europe
@high ho silver: Well now that’s The Greens legacy to society —Carbon tax, so called sustainable energy, wind power etc etc higher costs and less efficiency!
@John Mc Donagh: not actually sure that party did anything good! Apparently they want to force Tescos,ALDI and Lidl’s to make their customer pay for parking to drive people back to the high street!
I actually hear one say that Dun Laoghaire was dead because of Tesco Lidl and ALDI….
I’m pretty sure it’s due to the high parking costs and high rates but who am I to question a “politician”
But we were ‘promised’ that competition would ensure the energy bills would be kept low……. Did anyone ever believe that claptrap?
@ianglen: competition leads to collusion and price fixing by energy providers.
@ianglen:
The government artificially raised the E.S.B.’s prices over time to make it attractive for foreign power companies to set up here
@ianglen: We were also promised that wind energy would keep bills low….unfortunately a lot of gullible people fell for it.
OAP.s get an increase of 2.5% in the state pension everything goes up between 5 and 10% , government need to put thing right .
As predicted….. One energy provider following the other…..
Rip off Ireland alive and well eh Leo.
I don’t mind paying for the electricity I use but my last bill told me I used £32.38 worth of electricity for a period of 61 days. The standing charge was €21.44 and the PSO levy was €11.80. This amounts to more than the cost of the electricity I used. Then VAT was applied to the total. How is this fair?
@Rebekah Corbett: It would be fair if wind energy helped bring down the wholesale price but it doesnt ! It actually adds to the cost of bills.
This is getting ridiculas.
It’s got to the point where I can’t afford electricity anymore. They’re pricing themselves out of the market.
the same will happen with our water , once ffg get to sell it off to one of there buddy’s
So who is the cheapest? I’ve only got electricity, no gas.
@Peter: think they’re more or less all the same in the end
@Peter: would love to know too Peter….
@Peter: all the same in the long run! Nothing but another cartel!
Genuinely all the same pretty much. Best thing is to switch provider every 12 months to get the current best “new customer offer”
@Sean Leonard: according to the ads they are all the cheapest
Thank God for FFG ensuring no gouging..
What’s the story with contracts here? Customer services says prices are going up for all people, even those who signed up to new contracts months ago as the contract isn’t rate based but %saving rate against standard rates. If this is the case then they can get people in contracts and put prices up to the max.
Every f-ckin yr
Wholesale prices have gone up? If we generate our own electricity, who is the wholesaler increasing the prices?
Folks, we are being stroked again, now that the public obligation surcharge is reduced.
Now that the wind millers are exporting surplus power, the public obligation scam needs to be scrapped, cos we obviously don’t need to, & shouldn’t be subsidising, windmill power that is for export to the UK.
Could this be the time to start going green and generate your own electricity, this can power your home or business plus heat your water. As there’s only one way Energy prices are going to keep going!!
@Martin Gilroy: I looked at costs into this and your easily looking at a fairly heafty bill for the install of the equipment needed, you need a source, panels or wind power, mainly both, then your need conversation a serious battery array with deep cycle batteries, sine wave converter and a few other bits and pieces, can be done alright, but big cash injection up front, batteries will need replacing, then not sure how the system would fair under serious load as in when your house needs a few kWs of power at one time. It can be done.
The people of Ireland never get a fúcking break at all. If your lucky enough to work in a dead end job, where you spend 2 hours daily commuting, to spend 8 hours working, to come home get about 4 hours of time to yourself including getting yourself ready for the next day, to be back in bed by 10pm then to get back on the hamster wheel at 9am the next day your up at 6pm. Only to spend all your wages on rent, tax and bills. What is the point seriously, the system is a joke, is anyone considering the welfare and conditions that people have to work under in Ireland? I am seriously considering hiking out of this place. It’s run but people who have no idea let alone qualifications in what they are doing, and it’s been run into he ground. Why is the regulator allowing this, what is the function of the regulator? Expect a TV licence hike next, Minister is now reviewing the ‘process’, gougers the lot of them, I can see mayhem breaking out in a few years, I personally am extremely pissed off by how the old men run this country for the people who are 20/30 years of age, they are leaving us with an almighty fúcking mess to clean up and a finical mess. I think I have managed to convince myself, I need to get the hell out of this place.
@Martin Gilroy: we have 3000MW of wind installed on the grid and it doesnt prevent prices from going up !
Absolutely shocking if you have that enormous gigantic profits they are making
So we now have 3,000MW of wind energy in Ireland and still it doesnt prevent the wholesale cost from rising as we were promised it would by “experts”.
Is it any wonder people have lost faith in “experts” like ESRI, professors at Trinity etc. We badly need in Ireland a fact based organisation that can assess things like wind energy independently.
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