Bad news for households as Electric Ireland to raise prices
Electric Ireland has become the latest energy provider to signal that it is raising its prices.
The State-owned company said it will increase residential electricity prices by 4pc, but will defer applying this increase until next February.
The move will add €35 a year to the average annual bill.
It comes just a week after Bord Gáis said it was hiking electricity and gas prices in November, and SSE Airtricity said it was raising its electricity prices next month also.
Electric Ireland, which is the retail brand of ESB, said it was protecting customers from the impact of rising energy costs this winter by delaying the rise to the new year.
The company blamed a rise in wholesale energy costs.
Executive director Electric Ireland Jim Dollard said the energy company was conscious of the financial pressures facing customers.
“We are committed to keeping prices as low as possible for as long as possible.”
Mr Dollard defended the decision to raise prices, pointing out that over the past four years Electric Ireland “has passed on all savings as a result of wholesale energy cost reductions”.
He said his company became the first supplier in the Irish market to offer enduring long term savings of up to 8.5pc to residential electricity and gas customers.