SSE Airtricity has become the latest energy supplier to increase its prices in a move which will impact around 250,000 electricity customers and 85,000 gas customers.
SSE Airtricity has announced that it's to raise its energy prices for the third time this year.
One of the country's biggest suppliers is increasing the price of its electricity by 9.4% and the price of its gas by 9.8% from 1st December.
SSE last increased its prices in September, when it upped the price of its electricity by 10.6% and its gas by 10.7%.
The latest increase will add around €115 a year to the average household’s annual electricity bill and €86 to the average annual gas bill.
However when all this year’s price hikes are taken into account, customers will be paying around €300 extra a year for their electricity and €200 more for their gas.
Previous SSE Airtricity price increases
SSE has announced three price increases so far this year: in April, September, and now one for December.
However the supplier definitely isn't alone in increasing its prices as there have been over 30 price hike announcements from the 14 energy suppliers in Ireland since the start of the year.
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There have been over 30 price hike announcements from Irish energy suppliers since the start of the year. And some suppliers, such as Panda Power, have raised prices five times.
Prices are increasing as the price of fossil fuels, which collapsed at the height of the pandemic, has increased significantly in recent months partly due to supply chain bottlenecks because of Covid. For example the price of gas has shot up by over 200% in recent weeks.
To make things worse, two large power plants have until recently been out of action for maintenance reasons: the Whitegate plant in Cork and the Huntstown plant in Dublin. Together these usually supply around 15% or more of our electricity. However the Huntstown plant just recently came back on stream.
Finally, the level of wind output has been far lower than usual this year too, leading many to talk of a ‘wind drought’.
A difficult winter
As we move into the darker and colder months when energy demand typically soars, many households will feel the pinch from all the recent price increases.
However, despite the rising prices, there is still huge competition among many of the energy suppliers in Ireland for new customers right now and they’re all offering huge discounts to those who switch. For example, the average switcher could save over €500 a year just by changing supplier which would more than offset the SSE price hikes. However some switchers could save well over €1,000!
It's super quick and easy to switch and it can all be done online in the space of a few minutes online on bonkers.ie. You don’t even have to contact your existing supplier to let them know you’re leaving.
We're here to help
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.
Here are 15 ways to use less electricity and 10 ways that you can heat your home for less this winter that may help you spend less.
Let’s hear from you
Were you expecting another price increase from SSE? Have you already switched energy supplier to save this winter? We’d love to hear from you in the comments below.