Airtricity announced today that it will increase prices by a staggering 21.2% on gas and 12.3% on electricity.
These increases could mean an additional €283 per year for typical gas and electricity customers according to Airtricity, who said today that their dual fuel customers are looking at paying an extra €5.45 per week.
Airtricity’s electricity only customers can expect bills to go up by around €130 per year or €2.53 per week.
Airtricity is the second energy supplier to hike prices in a matter of weeks. Bord Gáis customers saw their electricity prices increase by 14% on August 1st and can expect gas prices to go up by as much as 22% in October.
Although ESB Electric Ireland has not announced any price increases yet, the company, which was deregulated in April and launched their new brand with substantial price discounts, is expected to review prices before the end of the month.
Gas only supplier Flogas has not made any price announcements to date, although it is also expected to follow suit shortly.
Like Bord Gáis, Airtricity has cited increasing wholesale gas prices as the primary reason it has had to increase customer prices. Airtricity were expected to increase prices this month as their sister company in the UK, Scottish and Southern Energy, hiked prices in July by 18% for gas and 11% for electricity.
Bonkers.ie managing director David Kerr said “Airtricity’s announcement is the second such notice we’ve seen in the last few weeks and we’re likely to see more soon from the other two suppliers. Our advice is to sit tight until all the announcements have been made and then compare the winter prices for gas and electricity. That way customers can ensure that they are paying as little as possible as we go into the colder months. Bonkers.ie is the most comprehensive comparison and switching service in Ireland and consumers are urged to review their tariffs once all announcements have been made.”
Bonkers.ie has put together the below charts for dual fuel and electricity only prices so customers can see how the market stands now. As more price announcements are made and the new tariffs go live, we’ll update our gas and electricity comparison service to ensure that you get the most accurate comparison and the best possible prices.
All above prices are based on average Irish household consumption of 5,300 kW/h of electricity and 13,800 kW/h of gas as determined by the CER.
The Airtricity prices take into account both increases to gas and electricity as they have been announced today.
We can expect an increase in Bord Gáis gas prices in the region of 22% to be determined by Commission for Energy Regulation (CER) at the end of August and to take effect October 1st. This has not been factored into the above figures because it has not yet been finalized. However, increases of 14% for Bord Gáis unit rates and standing charges have been included.
Both Flogas and ESB Electric Ireland are very likely to review their pricing and are to make similar price increase announcements in the coming weeks.