Bord Gáis Energy will hike its gas prices by 3.4% and electricity prices by 5.9% on November 1st.
Earlier this month, we wrote about the possibility of price increases from Irish energy suppliers. Unfortunately, that possibility has just become a reality for thousands of customers across the country.
This morning, SSE Airtricity announced an electricity price hike and now Bord Gáis Energy has revealed that it will increase prices for gas and electricity customers in a few weeks’ time.
How much will the hike cost me?
If you get your gas from Bord Gáis Energy, you can expect to pay about €25 more over the course of a year, if you use an average amount of the fuel.
Electricity customers with average consumption will be hit with an increase of about €57 over 12 months.
Bord Gáis Energy customers who use an average amount of energy currently pay about €970 over the course of a year for electricity and €755 for gas.
Why are energy suppliers increasing their prices?
Wholesale gas prices - which have a big influence over prices charged by suppliers - increased by 30% in August, compared to last year.
Both SSE Airtricity and Bord Gáis Energy cited the rising cost of wholesale gas and increases in network costs as the main reasons for the hikes.
Since all suppliers are impacted by changes in wholesale and/or network costs, there’s a strong possibility of further hikes over the coming weeks.
Today's price hikes come at a particularly bad time for customers.
Bigger winter bills are just around the corner and the PSO Levy set to increase by €25 this Sunday, meaning that many customers will be hit with a double whammy of price hikes.
How can I offset the energy price hikes?
The easiest way to offset the pending price increases is to switch suppliers.
There is an average of €324 to be saved by doing so and switching has never been easier. It takes just five minutes and the process can be completed entirely online.
All you need is your MPRN for electricity switching and your GPRN for gas switching. These two numbers are written on your bill.
There are now 10 suppliers in the Irish market, thanks to the recent arrival of Just Energy, meaning that there is plenty of choice available if you want to avoid the hikes and save additional money too.
Is it time to #DitchAndSwitch?
If you feel like you're ready to switch we've got some great news for you! If you take our #DitchAndSwitch challenge before 5PM on the 13th of October you could be in with a chance to win an additional €324 bonus! Here's how you can get involved: