This is the third price increase from Flogas this year. The gas and electricity supplier previously raised its prices in both April and June. A total of 10 suppliers have now increased their prices at least once since the beginning of the year.
It’s a torrid time for energy customers, that’s for sure.
When you’re one of the lucky ones because your energy supplier only raised its prices once thus far in 2021 it’s not a good sign.
However, the same can’t be said for customers of Flogas who are the latest energy customers to be hit with yet another price hike from their supplier, Flogas’s third in less than two months.
Here are the details in full.
What’s the latest price change from Flogas?
Flogas has announced it will be increasing its standard unit rates for both gas and electricity by 18% from 18th September.
The change will add around €247 to the average electricity customer’s annual bill and €170 to the average annual gas bill.
Flogas previously implemented price increases in April and June of this year so taking these into account the average annual electricity bill for Flogas customers will now be around €494 higher, while the average annual gas bill will be around €300 more expensive.
Speaking about its decision, Paul Kenny, Flogas Energy General Manager, said:
Energy costs, and in particular electricity wholesale costs in Ireland, are at unprecedented levels right now with no signs of reducing in the medium term. While the monthly PSO reduction from 1st October will be of some financial assistance to householders, we are very concerned about the fundamental challenges facing the marketplace that need to be addressed to avoid further pricing impacts.
We regret having to make further increases in our prices this year. However, they are necessary due to the same rising wholesale costs that have affected all suppliers. We are keeping our prices as competitive as possible for our customers and will be continually reviewing as the market changes. However, it is difficult to forecast any significant improvements in the medium term.
Change in the PSO levy
A recent change in the PSO levy - a charge on electricity customers to support the generation of electricity from renewables - will see electricity customers save a few shekels however.
The Commission for Regulation of Utilities (CRU) announced a decrease in the annual charge from €88.80 to €58.57 from 1st October until 30th September 2022 - an annual saving of slightly over €30.
Energy price increases in 2021
A total of 10 out of 14 energy suppliers here have implemented at least one price increase since the beginning of the year.
SSE Airtricity was the first energy supplier to announce a price change in April this year and hase had a total of two price increases so far this year with one announced recently.
Pinergy, Panda Power, and now Flogas have all announced three price increases so far in 2021.
Why have energy prices been rising?
There are a number of reasons for this including the rising cost of fossil fuels (we rely heavily on them for our energy needs), increased network and carbon emission costs, as well as unplanned outages of large electricity generation plants here.
There’s a lot to unpack when it comes to understanding exactly why so take a look at our in-depth piece here on why energy prices are increasing. Alternatively, you can listen back to this recent radio interview where our Head of Communications discusses the reasons behind the increases.
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Did you know?
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If you want to know a bit more about the switching process have a read of some of our guides below:
- Want to know how to compare gas and electricity prices on bonkers.ie? Find out here!
- You can also see our guide on 7 things to consider when switching energy supplier for more help saving money on your bills.
- Last but not least, here’s a full run-through of what you’ll need to switch energy supplier when you decide on the best deal for you.
It’s important to note that if you’re still in contract, you could be subject to an early exit fee. You can learn more about energy cancellation fees here.
If you don’t want to exit your contract early, there are still ways to save on energy bills! Check out these 15 easy ways to use less electricity and save money to learn more.