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Energy crisis deepens as another supplier raises prices again

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Energy price hikes are a regular occurrence this year.

Energy price hikes are a regular occurrence this year.

Energy price hikes are a regular occurrence this year.

ANOTHER energy supplier has announced a price rise, as the country grapples with an energy crisis.

Glowpower, which entered this market less than two years ago, is pushing up its electricity prices by 21pc from October 13 next.

It is the third increase it has announced this year. The company blamed wholesale cost increases.

There have now been around 22 different price rises from the 14 different energy suppliers in this market.

Consumer energy prices have not been regulated here for a number of years since the market was opened up to competition.

The latest increase Glowpower will add an additional €230 to the average household’s annual electricity bill.

It will mean the typical annual bill for a customer of the company will rise to €1,844.

“Glowpower’s 21pc increase in electricity prices is in line with some other suppliers, but that’s little comfort for households trying to find the best deal,” said Tony Cross of price comparison site Choosy.ie.

“Suppliers like Glowpower, who only nudged up their prices twice earlier in the year, are having to bite the bullet and push through bigger increases now as wholesale electricity costs reach new highs.”

Last week Pinergy became the second energy supplier to impose a fourth price rise this year.

Pinergy will put up electricity prices by 7.8pc on October 11. This will add €127 to typical bills over a year.

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The four rises will add €574 to the typical household annual costs. The latest rise will mean Pinergy will have increased its prices by 50pc this year.

Panda Power has also announced four rises.

Pinergy said the series of increases this year have been caused by the unprecedented upward pricing pressures in the wholesale energy market, together with electricity power plants being out of action.

The grid operator has issued a number of amber alerts this year, due to fears the system is producing so little electricity there will be not enough in reserve if something happens.

This is having a knock-on impact on electricity prices in Ireland. And international gas wholesale prices have shot up this year due to strong demand.

Some of the largest energy suppliers, such as Electric Ireland, have held off and only increased their prices once or twice this year.

The fear now is that they will increase prices again in the coming weeks to catch up with the market, according to Daragh Cassidy of price comparison site Bonkers.ie.


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