Flogas announce price increase for electricity and gas customers from August

Muireann Duffy

Flogas Energy has announced it will be increasing its prices for both electricity and gas customers from next month.

Average electricity bills will see an 8.1 per cent increase, while gas will jump by almost a fifth, by 19.8 per cent.

The price changes will take effect from August 19th.

Flogas said the increases are due to "the continuing and unprecedented increases in wholesale gas prices and the associated increases in wholesale electricity costs".

The company added that while there will be unit rate increases, "daily standing charges for electricity and gas supply will not be affected".

From next month, residential electricity unit rates will increase by 9.8 per cent, while residential natural gas unit rates will see a 24.1 per cent jump.

"The conflict in Eastern Europe is causing significant uncertainty surrounding reliability of gas flows, adding to the existing pressures on prices in European energy markets," a statement from Flogas said.

"Wholesale prices are forecast to increase further into the winter months and remain volatile with little sign of improvement in the medium term."