| 8°C Dublin

Second energy supplier to increase prices


PrePayPower operates private electricity meters in homes

PrePayPower operates private electricity meters in homes

PrePayPower operates private electricity meters in homes

A SECOND energy provider has said it plans to raise its prices.

Prepaypower said it will increase electricity prices by 2.9pc from October 4 next.

The move will mean customers paying an extra €33 a year.

It comes in the same month that households and small businesses are facing a more than doubling of the levy charged on their electricity bills to support the development of renewable energy supplies in the year ahead.

This is because the public service obligation (PSO) levy is set to rise by 123pc which will see domestic consumers having to pay an extra €44 a year on the PSO levy element of their bill.

Prepaypower blamed the rise on an increase in network-related costs, which it said are outside of its control.

The company has also confirmed that it is freezing gas prices this winter. Gas prices were reduced by 11.5pc by the company in April last and that reduction is now locked in for the winter when gas consumption is particularly high.

The supplier offers energy through a pre-paid metering system.

A Prepaypower spokesman said: “In April we reduced both electricity and gas prices. At that time we passed on the benefit of reduced rates from our forward purchasing of electricity and gas for delivery this winter.”

Earlier this week Electric Ireland said it was hiking its electricity prices from the start October, in a move that will impact on more than one million customers.

Business Newsletter

Read the leading stories from the world of business.

This field is required

The company is increasing electricity costs by 3.4pc, in a move that will add around €35 to the average bill over a year.

It comes after Electric Ireland cut prices back in April.

Daragh Cassidy of price comparison site Bonkers.ie said that an increase in costs associated with running the electrical grid has caused the wholesale price of electricity to increase.

That is now being passed on to consumers, he said.

Most Watched