Electric Ireland first increased its energy prices in August this year and has held off raising prices again until now. Both its price increases to date have added over €300 to its customers' energy bills.
It was always coming, it was just a matter of when…
Electric Ireland has officially announced its second price increase of the year, following on from its first which came into effect in August.
The latest price hike from the supplier will affect no less than 1.1 million electricity customers and around 145,000 gas customers nationwide.
Here are the details in full.
Electric Ireland has announced it will be raising the price of its electricity by 9.3% and the price of its gas by 7% from November 1st.
The latest increase from the supplier will add around €108 a year to the average customer's electricity bill and €58 to their gas bill - a monthly increase of €9.02 and €4.85 on average respectively.
This is Electric Ireland’s second price hike this year. It previously raised its prices in August.
Taking both increases into consideration, customers will be paying around €200 more for their electricity and €118 more for their gas.
Commenting on the announcement, Marguerite Sayers, Executive Director, Electric Ireland, said:
In Electric Ireland we do our very best to keep our prices as low as possible for our customers. Unfortunately, this price increase is necessary to offset the unprecedented rise in wholesale energy costs this year.
While we know any increase is unwelcome, Electric Ireland remains fully committed to providing the best value to our customers by offering one of the lowest standard unit rates in the market for electricity and gas, with an enduring discount rate of up to 8.5 per cent which reduces those unit rates further.
Rising energy costs across the board
All energy suppliers in Ireland have now increased their energy prices at least once this year, with many having brought in three if not four price hikes since January.
Electric Ireland has now increased its prices by around €325 extra per year. However, it must be commended for holding out for so long.
For more information on why energy costs are rising see our blog on the topic.
Higher winter energy bills
For many energy customers, the colder winter period could prove to be quite challenging financially, especially considering no one is protected against the rising cost of energy.
Electric Ireland has urged customers who may have difficulty paying their bills to contact the supplier directly, or The Society of St. Vincent de Paul or MABS with whom it works closely.
Customers hit with Electric Ireland’s latest price increase may also enquire about flexible payment plans with the supplier, which enables customers to spread energy costs across the year.
For customers with any queries, questions or concerns, Electric Ireland has ensured that its support teams will be available to assist anyone in that regard.
Supports available for customers
Supports are in place from the Government for customers who might be experiencing trouble paying their winter energy bills.
The winter fuel allowance is available for energy customers if they are receiving certain social welfare payments from the Department of Social Protection or HSE.
Older customers are also particularly vulnerable when it comes to rising energy bills, however, the free electricity allowance is in place to help and all those eligible should apply.
In short, the free electricity allowance is a €35 monthly supplement paid by the Department of Social Protection to help all over 70s with their electricity bills.
Importantly, people under 70 who meet certain criteria may also be eligible to receive the payment, so make sure and find out if you think you could knock some more money off your bills this winter.
Start saving on winter bills
Are you an Electric Ireland customer worried about rising energy costs this winter? You could offset the steep increases by switching to a cheaper energy supplier.
You can easily compare and switch to a cheaper supplier right here on bonkers.ie. Use our energy comparison tool to review tariffs and deals available from Ireland’s 14 energy suppliers and switch online in just a few minutes.
If you’re seeking advice when it comes to switching, have a look at our guide on 7 things to consider when switching energy supplier. We’d also recommend taking a look at the most common questions we get asked about the energy switching process.
It’s important to note that if you’re still in contract you could be subject to an early exit fee if you switch supplier. Instead of switching, try taking some simple steps to reduce how much energy you consume.
Here are 15 ways to use less electricity and save money and 10 ways that you can heat your home for less this winter that may help. You can also listen back to our recent interview on KFM to learn about how to consume less energy and save.
Let’s hear from you
Were you expecting a second price increase from Electric Ireland? Have you already switched energy supplier to save this winter? We’d love to hear from you in the comments below.