Rising energy prices - Virgin Media News

CEO of bonkers.ie, David Kerr appeared on Virgin Media News to discuss the impact of rising energy prices and the effect it will have on consumer's energy bills this winter.

Why are energy prices increasing so much here?

There are a few reasons why we’re seeing energy prices increase so much.

  1. The main reason is that the price of fossil fuels has skyrocketed on international markets in recent months. This is due to both Covid and supply and demand. A lot of production shut down during Covid and restarting that has been challenging. There’s a huge mismatch between supply and demand. This has increased the price of gas in particular, but the price of coal is also going up.
  2. The level of wind output in recent months has been below normal levels. June and July of this year were two of the least windy periods on record in Ireland according to the World Climate Service. This has put pressure on electricity prices.
  3. There have been two major gas-fired power plants that have been out of action in recent months. These go down regularly for maintenance and cleaning. This reduces the supply of electricity to the grid.
    There’s been a mix of rapidly increasing prices on the wholesale market, a lack of wind output and a lack of electricity generation.

If you’re looking for more information on why energy prices are increasing, take a look at our recent blog post on the topic.

Will increases hit across the board?

Despite there being 14 energy suppliers in Ireland, the issues hit across the board and all suppliers are facing the same problems. No supplier is immune from this. Some of the bigger suppliers, like Bord Gáis Energy and Electric Ireland, have been able to hold off on drastic price increases. Although Bord Gáis increased its prices for a second time in September.

All suppliers have increased prices at least once this year and some, such as Panda Power, have even increased prices four times so far.

Switch and save today

Are you worried about the increasing cost of energy? You can easily compare and switch to a cheaper supplier on bonkers.ie which will help offset the energy price increases.

It’s quick and easy to switch and can all be done on bonkers.ie in the space of a few minutes. Use our energy comparison tool to compare the best deals today across all 14 energy suppliers nationwide.

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.

However if you’re still in contract, you could be subject to an early exit fee if you switch energy suppliers. Instead, consider ways you can use less energy and reduce your household bills. Take a look at these 15 ways to use less electricity and save money to learn more.

Don’t forget to review other bills too and compare available deals for services such as broadband, insurance and banking products to see how much more you could save!

Get in touch with us

If you have any energy-related questions, feel free to reach out to us on social media!

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