Eight suppliers have now increased their energy prices in the Republic, while this is Iberdrola's second price increase in less than six months.
Looks like the spate of energy price increases isn’t over just yet with another supplier announcing an increase to its residential energy prices today.
This time it’s the turn of international energy supplier Iberdrola, part of the Iberdrola Group, who is upping its prices for customers.
The news from Iberdrola means that eight energy suppliers have now increased their prices since the end of February, with the potential for five more suppliers to do so in the coming days and weeks.
See below for the full announcement from Iberdrola.
From 24th April Iberdrola is increasing the price of its electricity by 6.3% while its gas prices will rise by 4.9%.
For electricity customers the price increase will add approximately €65 to the average annual bill, while the average gas customer can expect to pay €36 more per year.
As with the suppliers that went before, Iberdrola cited the increase in wholesale energy prices as being the main reason for passing costs on to customers.
However, the energy company has assured customers who are already on specific plans that their discount will remain the same until their contract ends.
Customers who would like to compare before and after prices and your new Estimated Annual Bill (EAB) for your current tariff can do so on Iberdrola’s website.
Alternatively, if you’re out of contract or if you feel like you could get a better deal elsewhere you can always compare tariffs from all suppliers right here on bonkers.ie.
Flurry of price increases
Iberdrola is now the eighth energy supplier to increase its prices in less than one month. SSE Airtricity was the first energy company to announce an increase in 2021 at the end of February.
Since then Pinergy, Glowpower, Energia, Panda Power, Flogas, and Bord Gáis Energy have all upped their prices.
This is also Iberdrola’s second price increase in less than six months. Back in November 2020 it increased its electricity prices by 3.4%, however its gas rates did not change at that time.
The November increase from the supplier was its first since entering the market in the latter half of 2019.
Switch and save!
With energy prices increasing for customers, and at a time when people are still feeling the financial effects of the ongoing pandemic, there’s one way to make sure you’re getting the best value when it comes to your home energy - switching supplier!
It’s like we always say, a penny saved is a penny earned and the best way to save a pretty penny is to switch suppliers, especially if you’ve been hit with a price increase since February.
You can compare and contrast all the best deals on the market right now using our energy comparison tool here, with the average energy customer saving up to €447 when they switch suppliers with us online, but that figure could be more depending on how long you’ve been with your current supplier.
So switch your energy with bonkers.ie today and see how much you could save!
More ways to save
With inflation on the rise, you may be looking for other ways to save. Consider taking a look at the following to see how you can further reduce your household bills:
- You can easily reduce your electricity consumption and save money with these tips.
- People are often surprised to learn how much they can save by switching mortgages. Have a look at this blog post to find out more about how much you can save.
- Many people end up overpaying on current account fees and charges. Here are 9 surprisingly easy ways to reduce your current account fees.
You can stay up to date with all the latest saving tips and energy news with our blogs and guides.
Let's hear from you
What do you think of today's news from Iberdrola?
If you have any questions about Iberdrola’s price increase, feel free to get in touch. Comment below or contact us on Facebook, Twitter or Instagram.