Bord Gais Seeks Gas Price Increase

Bord Gais Seeks Gas Price Increase

Earlier today, Bord Gáis Energy confirmed to the Commission for Energy Regulation that they are seeking an increase in residential gas tariffs of 7.22%.

The proposed increase of 7.22% in gas unit rates will see the average gas bill increase by €58.73 per year (including VAT) to €1,020 - the first time an average household gas bill has ever exceeded €1,000 per annum.

The Commission for Energy Regulation (CER) has opened a consultation where interested parties can provide feedback on the proposed increase.

Bord Gáis Energy's is saying that the bulk of the proposed increase is outside its control. Citing an increase in transportation tariffs, the cost of bringing gas from its point of purchase (UK) to its delivery point (Ireland), this increase in residential gas tariffs comes at a time of increased pressure on household budgets, and is the likely harbinger of additional increases in Electricity costs.

This is likely the last time that Bord Gáis Energy will seek a price change from the CER as it is expected they will be deregulated for domestic gas prices within the next year. The CER is widely expected to deregulate the energy supplier when they achieve a market share less than 60% if they also propose rebranding, or less than 55% if they do not change their name and brand. The earliest this is expected to occur is in the first three months of 2014.

The pace of increase in the cost of keeping the lights on and our homes warm continues to outstrip inflationary levels as the figures below show:

Electricity and Gas Average Bill Increases
Year Average Electricity Bill (5,300kWh) Average Gas Bill (13,800kWh)
2011 €990 €727
2012 €1,116 (+12.73%) €890 (+22.42%)
2013 €1,179 (+5.65%) €961 (+7.98%)

We wonder how long the pace of increase can outstrip inflation - and what effect this increase will have on the now inevitable increase in electricity charges for winter.



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