Price hike on the way for Electric Ireland customers

Over 1.2 million households are expected to be impacted by the increases.
Price hike on the way for Electric Ireland customers

Electric Ireland is the latest energy supplier to announce price increases, with new rates to come into effect next month.

The supplier is due to increase electricity prices by 9 per cent from August 1st, in addition to a 7.8 per cent increase for gas prices.

The changes are expected to impact 1.1 million electricity customers and 145,000 gas customers.

For residential customers, the increases will roughly equate to an additional €8.20 on each month's electricity bill, and an extra €4.98 on monthly gas bills.

Electric Ireland executive director, Marguerite Sayers said price changes in the wholesale market are behind the increases.

"In March, many suppliers increased prices, but [Electric Ireland] implemented a price freeze to ensure our customers were protected from the impact of rising costs for as long as possible.

"We also extended our disconnection moratorium to help customers struggling during the pandemic and are keeping it in place for another two months until the end of August," Ms Sayers said.

"We had hoped that prices might stabilise but unfortunately, wholesale energy costs have continued to increase and are significantly higher than this time last year. As a result, we must reluctantly pass on some of these costs to our customers from August 1st," she added.

Ms Sayers said the supplier will work with customers experiencing difficulty paying their bills, "putting in place an affordable and workable payment plan with them in the coming months".

According to data from Eurostat, electricity prices in Ireland are 23 per cent higher that the EU average, recording the fourth highest rate among the 27 member states, while gas prices are the seventh most expensive in the bloc.

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