This is the third price hike from Bright this year after it raised prices by around 26% in September and 18% in June. Its latest announcement will add 16% extra to bills.
They just keep on coming, one after another…
Bright Energy is the latest supplier to announce a significant price increase for its customers, its third of the year so far.
This time around Bright will be increasing its electricity prices by 16% for customers.
So what does the increase look like in real terms?
What it means for bills
Electricity supplier Bright has announced a 16% increase in the cost of its residential electricity prices, which will take effect from November 6th.
Its latest price hike will add around €207 a year to the average customer's electricity bill.
On a weekly basis the increase means Bright customers will pay an additional €3.99, with a new average annual bill of €1,473.
Ciaran Devine, CEO of Bright said:
It’s not new news that the grid system is under pressure and demand, at a time when electricity is not being produced in the volumes needed, has led to huge increases in wholesale costs. Global market conditions are dictating energy costs and, in turn, driving up prices for customers and there is no sign of this trend abating any time soon.
No provider wants to have to announce multiple, successive price hikes, but it could be Spring 2022 before we see electricity volumes returning to a level needed to sustain and maintain market demand. But until that time, energy prices will remain in a state of flux.
Previous price increases from Bright
This is the third price hike from Bright this year.
The green electricity provider previously raised its prices by around 26% in September and 18% in June.
When all price increases are taken together, customers are looking at paying around €700 a year extra for their electricity.
Why are energy prices increasing?
With all of the recent price increase announcements you’ll likely be left wondering why?
There are a number of reasons why prices are rising, and continuing to rise, for that matter.
They are as follows:
- The price of fossil fuels on wholesale markets has skyrocketed
- Several power plants have been out of action
- There has been a lack of wind output
For a full explanation see our article on why energy prices are increasing.
In the meantime, if you’re looking to offset an increase in your energy costs, there’s one simple way to do so…
Switch and save on your energy bills
There are now 14 energy suppliers in the Irish market and despite prices increasing, there is still great value to be had from each one, especially if you’ve been paying standard rates with no discount for a number of years.
Alternatively, if you’re looking to save money by using less energy, have a look at some of our helpful blogs and guides linked below:
- See here these 15 ways to use less electricity around the house and save money.
- Heat your home for less this winter with these 10 cost-effective methods.
- If you’re considering retrofitting your home in the future, you can take a look at your finance options here and listen to our bonkers.ie podcast to discover everything you need to know about retrofitting your home.
Get in touch with us
Are you a Bright Energy customer? Were you expecting another increase? We’d love to hear your thoughts in the comments below.