Electric Ireland increases electricity prices by 3.4% - Newstalk
Electric Ireland is the first energy supplier to increase the price of its electricity in almost 12 months due to increased costs on the single electricity market.
The increase in charges to be passed on to consumers unfortunately coincides with the introduction of the updated Public Service Obligation levy (PSO), which will see it rise by a massive 130% from last year - a double whammy of price increases for energy customers.
Our Head of Communications at bonkers.ie, Daragh Cassidy appeared on Newstalk to discuss the reasons behind Electric Ireland's most recent price change and how consumers can switch and save on their energy bills.
Here’s an outline of the main points discussed by Daragh in the interview.
What changes are going to occur on people's bills?
Electricity bills for Electric Ireland customers are going to go up by 3.4% from 1st October. That’s going to add just under €3 a month to the average electricity bill. While it’s not a huge amount, people will be using more electricity during the winter months and people are still working from home.
However gas prices are being frozen by Electric Ireland, which should be of some comfort for energy users.
Why is Electric Ireland increasing prices?
The increase is somewhat outside Electric Ireland’s control as it is due to an increase in costs that impact the broader electricity system and market.
These costs include things like charges for the use of the single electricity market (SEM) itself.
These costs will impact all electricity suppliers and it’s likely that other suppliers will follow suit and pass them onto customers.
Consider switching supplier
For those willing to switch energy suppliers, you can get up to 40% off standard rates for the first 12 months with some deals. This means the average household could save over €400 annually on their energy bills.
At bonkers.ie our easy-to-use comparison tool allows you to compare deals from a range of 13 energy suppliers.
Before switching, you may want to take a look at some of the following:
- Learn about what you need to switch energy suppliers in this guide.
- Here is a list of some of the most frequently asked questions about the energy switching process.
- Have a read of our guide on 7 things to consider when switching energy supplier to know what to look out for when switching.
- Consider adjusting your everyday habits to lower how much electricity you consume. Here are 15 ways to use less electricity and save money.
As always, if you have any questions regarding Electric Ireland’s price increase or the PSO levy, we’d be happy to help!