Electric Ireland has announced that it will not increase prices in 2017, but that an electricity price hike of 4% will take effect on February 1st. So, what does this mean for customers?
And now, the country’s largest electricity supplier, Electric Ireland, has followed suit by announcing that it will increase prices too...but not until next year.
Electric Ireland’s 4% price increase
On February 1st, Electric Ireland will increase electricity prices by 4%, which will add about €35 to average annual bills.
Currently, customers with average consumption spend about €971 a year on electricity with the supplier, but that will soon rise to €1,006.
The announcement comes less than a week after the PSO levy increase kicked in, which will add about €25 to all electricity bills over the next 12 months.
The supplier will not be increasing gas prices in the near future.
Electric Ireland loves loyalty
Electric Ireland has been garnering a reputation for rewarding customer loyalty over the last year or so.
In June, the supplier announced that it would automatically add discounts of between 4% and 8.5% to existing customers.
The fact that customers have been given four months' notice of the pending price increase is likely to be welcomed by many, who won't have to worry about higher rates during the coldest months of the year.
Energy prices are on the rise
Last month, we warned that bigger electricity bills are on the way and, unfortunately, that has come to fruition.
On the 1st of October, the PSO levy increase kicked in and will add about €25 to all electricity bills over the course of a year.
On top of that, we now have major price announcements from three of Ireland’s leading suppliers.
From November 1st, average SSE Airtricity customers can expect to pay about €47 more for electricity over the course of a year, while average Bord Gáis Energy customers will end up paying about €25 more for gas and €57 more for electricity.
Energy suppliers point to the rising cost of wholesale gas, the price of which increased by 30% in August, and rising network charges as the reason for the hikes.
There is a strong possibility that the country’s other suppliers announce price increases in the near future.