What energy suppliers are raising prices in the month of April? - KFM
Our Head of Communications at bonkers.ie, Daragh Cassidy appeared on KFM to discuss the energy price increases, what impact they will have on peoples' pockets, and the options open to customers who may be struggling to pay their bills.
Here’s an outline of the main points discussed by Daragh in the interview.
What suppliers are increasing energy prices?
Over the next four weeks, eight energy suppliers will be increasing their prices, starting today, April 1st, with SSE Airtricity. The company is increasing electricity prices by 6.2% and gas prices by 4.5%.
The electricity increase will add an extra €60-65 annually to the average household bill, while the gas increase will add an extra €30-35.
On April 5th, Energia is increasing electricity by 8.6% and gas by 5.7%. This price hike will affect around 250,000 customers.
Bord Gáis Energy will be increasing the price of electricity from April 12th by 8%, but there will be no gas increase. This will add around €80 to the average annual electricity bill.
Other suppliers, such as Panda Power, Iberdrola, Glow Power and Flogas are also set to increase their prices.
At the moment, Ireland has the fourth highest electricity prices in the EU, while gas prices are the seventh most expensive.
Are there any suppliers not increasing their prices?
Prepay Power, Bright and Electric Ireland have not announced price increases. Electric Ireland has said it won’t be raising prices for the foreseeable future.
Why are energy prices so expensive?
While there’s no single answer to this question, there are two main reasons.
- We still rely on fossil fuels for energy, such as coal, peat and gas. In fact, around 50% of our electricity is generated from burning gas.
- Secondly, our island location on the edge of Europe doesn’t help. We import a lot of fossil fuels, which means there’s an extra pipeline needed.
What if customers can’t pay their bills?
Most households are experiencing some financial difficulty due to the impact of the pandemic.
If customers are worried they won’t be able to pay their bills, there is a code of conduct in place that states that the supplier should try to work with the household. Being cut off is the last resort.
Regardless of Covid, if you’re struggling to pay your bills you should always reach out to the supplier and try to come up with a solution.
Electric Ireland recently announced a new moratorium on disconnections that will last until the end of June, which may offer some customers peace of mind.
Switch and save!
Are you worried about your energy bills going up? You can easily compare and switch to a cheaper supplier on bonkers.ie.
It’s quick and easy to switch and can be done in just a few clicks. Use our energy comparison tool to compare the best deals today across all 13 energy suppliers nationwide.
If you’re looking for more information on why energy prices are increasing, take a look at our recent blog post on the topic. Alternatively, have a look at our guide on frequently asked questions regarding switching suppliers.