The price increase starts from August.
From August, Electric Ireland are set to increase residential electricity prices by 6.2% and residential gas prices by 8%.
In doing so, the increase in price is expected to add €56 onto the average annual electricity bill and €55 onto the average annual gas bill. This equates to €4.68 per month (incl. VAT) for electricity and is based on the typical residential electricity customer with an electricity usage of 4,200 kWh per annum.
For gas customers, it equates to €4.59 per month (incl. VAT) and is based on the typical residential gas customer with a gas usage of 11,000 kWh per annum.
Niall Dineen, Head of Residential Markets, Electric Ireland commented: “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.
The company said that these increases were due to sustained increases in wholesale energy prices.
Eoin Clarke, Managing Director of Switcher.ie, says: “This spells bad news for cash-strapped consumers. Household energy prices rose across the board just last winter, but today’s announcement – which comes hot on the heels of a price hike from SSE Airtricity – suggests that there’s still more to come. People will really start to feel the pinch once these increases begin to bite on their bills.
“Many of us are already stretched to the limit and simply cannot afford to pay through the nose for essentials like gas and electricity. This is why it’s crucial to make sure we’re all paying the lowest rate possible for our household energy, as this will help to soften the impact of any hikes.”
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