Electric Ireland latest supplier to increase prices - RTÉ News: Six One
Electric Ireland was the latest energy supplier to increase its prices, but they're not the only ones. Energy prices have been rising all year with some consumers in for a big shock when they get their winter energy bills in the post.
Our Head of Communications, Daragh Cassidy, appeared on the RTÉ Six One News to discuss the current energy crisis and the affect it will have on consumer's winter energy bills.
Watch Daragh’s interview or take a look at the main points below.
When did energy prices start rising?
Residential energy prices have been rising for around 12 months. Suppliers started raising prices back in October 2021 and it hasn't stopped since.
There have been around 30 price hike announcements since then and Electric Ireland is the only the latest supplier to do so.
Did Electric Ireland implement a big price increase?
In short, yes. This is Electric Ireland's second price increase this year, so taking both announcements into consideration, the average Electric Ireland customer will be paying an extra €323 per year - so quite a significant amount.
That being said, when you look at some suppliers in the market that have introduced price hikes, some of those are up to around €700 - €800.
It's probably cold comfort for those Electric Ireland customers but the increase has probably been on the lower end of the scale.
Can we expect to see a further rise in the cost of energy?
There's going to be a lot of upward pressure on prices in the medium term.
As well as that, the transition to a green economy is going to be difficult. Renewable energy is good for the environment but not always good for the pocket.
We are at a crossroads at the minute as we try to increase our renewable output, but also making sure that we have an electricity grid that is fit for modern standards and that can cope with the demand that is being placed on it.
Is there a problem with arrears in the Irish market?
There's not necessarily a huge problem but there are certainly a lot of consumers who are in arrears.
According to the CRU, anything from maybe 10% to 12% of customers are behind on their bills which is quite high.
I would say to consumers that if you're worried about rising prices make sure to communicate with your supplier. There's a code of conduct in place that all suppliers need to adhere to.
Disconnections only take place as an absolute last resort.
There are of course other ways people can use less electricity and save on their bills as well. Take a look at these 15 ways to use less electricity around the home.
Is there much competition between energy suppliers?
There is still competition. In Ireland there are 14 energy suppliers which is a huge amount for a market of only 5 million people.
A lot of people are asking us at bonkers.ie 'why should I switch if everybody is increasing prices?' But what consumers need to remember is that those suppliers offer really, really good discounts for one year to new customers to entice them to switch.
So even though prices are increasing, you can still save by switching supplier. You can get a discount of anywhere between 30% - 40% off standard rates which could save you around €500.
And if there's any time that people don't want to be overpaying on their gas and electricity it's during the winter.
Is it easy to switch suppliers?
In Ireland sometimes we have an aversion to switching. Sometimes you hear horror stories about switching broadband, and of course switching mortgage takes some time.
However, when it comes to switching your gas and electricity bills it can't be overemphasised just how simple it is.
It can all be done on bonkers.ie in the space of a few minutes. You don't even need to contact your existing supplier to let them know. It's quick and easy and it's highly recommended that consumers do so this winter.
Are there any penalty fees for leaving early?
Contracts usually last for 12 months, some are now two years, but most last for only one year.
Usually if you go to switch while in contract you'll be charged a €50 fee per fuel.
If your contract is up however you can switch without penalty.
Switch and save today!
Even though prices are on the rise, energy suppliers still offer great deals to new customers which you can avail of to offset any increases.
You can easily compare and switch to a cheaper supplier on bonkers.ie. It’s quick and easy to switch and can all be done in a few clicks.
- Use our energy comparison tool to compare the best deals today across all 14 energy suppliers nationwide.
- If you want to know more about the switching process you can also read one of our energy guides on how to switch, such as our frequently asked questions about switching energy supplier.
- You can also browse these 7 things to consider when switching energy supplier.