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Thursday 20 September 2018

Electric Ireland to increase prices by the end of the summer

(Stock)
(Stock)
Charlie Weston

Charlie Weston

THE largest energy company in the State is to push up its prices by the end of the summer.

Electric Ireland is to increase electricity prices by 6.2pc from August, and gas by 8pc.

This will add €56 to the average annual electricity bill, and €55 to the average gas bill. The company is blaming wholesale gas increases.

Electric Ireland, which is the retail arm of the ESB, has more than one million electricity customers.

The company blamed the sharp rise in wholesale energy prices.

Head of residential markets at Electric Ireland Niall Dineen said: "Electric Ireland is absolutely committed to keeping prices as low as possible. It has been a very difficult decision to make, but the wholesale costs required to supply electricity and gas are continuing to rise."

Three weeks ago SSE Airtricity announced an increase electricity and gas prices from the middle of next month.

Electricity costs are going up by 6.4pc, and gas 12.3pc.

The increases will mean annual bills rising by €140 for dual-fuel customers.

The company said the move was in response to sustained increases in wholesale energy costs on global markets.

The price rises take effect from July 14 next.

Electricity-only customers of SSE Airtricity face paying almost €60 extra a year for their supply.

Gas-only customers will see annual bills rise by €80.

Electric Ireland said it will continue to give a 5oc discount to customers experiencing financial hardship, through Industry Prepayment meters and via the Household Budget Scheme.

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