Electric Ireland To Hike Prices

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Electric Ireland has announced that its to increase its electricity and gas prices by 6.2% and 8% respectively from the beginning of August.

The increase – the second in six months – adds €56 onto the average annual electricity bill and €55 onto the average annual gas bill.

In February, the supplier increased electricity prices by 4%, or almost €35 per year, but did not increase gas prices at that time.

The company says the latest increases are in direct response to sustained increases in wholesale energy prices.

From the first of August 2018, Electric Ireland will increase electricity prices by 6.2% and gas prices by 8%.

This equates to €4.68 per month or €56.16 per year (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 or €55.08 per year (incl. VAT) and is based on the typical residential gas customer with a gas usage of 11,000 kWh per annum.

Typical usage is as defined by the Commission for Regulation of Utilities (CRU).

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.

Over the past number of years, we have passed on savings as a result of wholesale energy cost reductions and we remain the first supplier in the Irish market to offer enduring long-term savings of up to 8.5% to our residential electricity and gas customers.

Electric Ireland also continues to give a 5% discount to customers experiencing financial hardship, through Industry Prepayment meters and via the Household Budget Scheme.”