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Energy supplier announces its fourth price rise this year

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Electricity and gas prices are surging.

Electricity and gas prices are surging.

Electricity and gas prices are surging.

ENERGY provider Flogas has announced its fourth price rise this year, as a unprecedented crisis grips the energy market.

Electricity to go up 19pc in November, adding €300 to the average annual bill. Gas is going up 26pc, adding €290 to the average bill.

The four rises mean electricity and gas prices up almost 60pc from this provider this year, as the energy crisis intensifies.

It comes a day after another supplier, Bright Energy, announced a 16pc rise in electricity prices from November 6 next.

This will add €207 to a typical bill.

There have been more than 30 different energy price rise announcements this year, with costs expected to rise by around €500 for an average household.

It is the third price hike from Bright this year after it raised prices by around 26pc in September and 18pc in June.

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Flogas blamed increasing demand for electricity, combined with continuing outages in thermal generation plants for the rises.

It said these factors have put significant upward pressure on electricity supply costs. In the wholesale gas markets there has been a further deterioration in the medium-term costs of gas, driven by continuing global demand and uncertainty of supply, Flogas general manager Paul Kenny said.

“The rate of increase and volatility in wholesale energy costs in recent months is unprecedented and not something that could have been anticipated.

“While our prudent hedging policy has helped us avoid more significant increases to date, the reality is that future supply costs have increased for the next quarter by 56pc from where they were only one month ago.”

Group chief executive of price comparison site Bonkers.ie David Kerr said the combination of the four Flogas price rises would push up the cost of electricity by €790 for an typical household over a year.

Gas costs are set to increase by €590 for a typical household over a year.
A dual fuel customer with Flogas will pay €1,385.08 more than last year, and this is unprecedented.

Mr Kerr Group said: “The continuing rise in wholesale gas is having a huge impact on electricity and gas prices and consumers are certainly heading for bill shock.”

He said electricity and gas prices are the highest they have ever been in the country.

He urged customers who have yet to take action to avail of the many discount prices still available to do so while the discounts are still available and lock in discounts for the next twelve months.

This week the Government got a green light from Brussels – if it wants to use it – to temporarily cut household fuel taxes and subsidise firms hit by high energy prices.

Pensioners, poorer households and hauliers are clamouring for reliefs due to rising costs, with Budget supports announced on Tuesday likely to be eaten up by inflation.

The European Commission said EU countries can reduce Vat and energy taxes, issue fuel vouchers, defer utility bills and ban grid disconnections to help families get through the winter months.



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