Bord Gáis Energy is increasing its electricity unit rate and standing charge by 4.50% and its gas unit rate and standing charge by 2.50%.
The price changes mean a customer's typical gas bill will rise by €1.56 per month and a typical electricity bill by €3.70 per month.
It has been a rough few months in general for energy customers.
Last summer we saw a raft of price hikes from energy companies, with 8 out of 10 suppliers raising their prices, including Bord Gáis.
Then again in November and December there were more price hike announcements. So with most of its peers having already hiked their prices for a second time before Christmas to reflect higher energy costs, today's announcement from Bord Gáis seemed almost inevitable.
Catherine O’Kelly, Managing Director, Bord Gáis Energy said: “We have been working hard to hold off raising prices for as long as possible, particularly over the difficult winter months. However, increases in wholesale energy costs have forced us to raise our prices from 10 March 2019. We remain committed to doing all we can to ensure that our customers are receiving the best possible prices for their energy, and we will continue to monitor costs closely.”
For a more detailed explanation as to why prices are continuing to rise, check out this guide we wrote last summer.
There are two ways you can offset the price increases and save money on your energy bills:
Switching suppliers is the quickest and easiest way to save money.
Most of Ireland’s energy suppliers offer heavily discounted rates to new customers. However, these deals usually expire after 12 months. At this stage, if you don’t switch, your supplier will revert your plan to standard pricing and you’ll pay more for the exact same service.
So, if you remember to switch suppliers every year, you’ll ensure that you’re always on a discounted rate, which means you’ll never pay over the odds for your energy and you’ll always get the very best value for your money. No brainer, right?
Right now you could save around €300 a year on your energy costs just by comparing and switching your gas and electricity suppliers. So why not give it a go with our energy price comparison service.
Another way to lower your energy bills is to consume less. You can do this by figuring out which appliances in your home use the most energy and then looking for ways to reduce your consumption.
Using smart thermostat and heating control systems like the Hive, Nest and Climote are great for this and will provide you with valuable insights into your energy usage, where you can achieve savings as well as allowing you to control your heating from outside the home.
Are you a Bord Gáis customer? How do you feel about today's announcement? Get in touch and let us know your thoughts.
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