Electric Ireland’s latest price hike - Midlands 103

Image audioImage Electric Ireland’s latest price hike - Midlands 103

Electric Ireland has increased its residential gas and electricity prices for the second time in 2022 so far.

The increase is sure to open the gates for more energy suppliers to follow, but only time will tell.

Our Head of Communications, Daragh Cassidy spoke to Will Faulkner on Midlands 103 about the price hike, the future for energy prices, and how consumers can get the best value during the ongoing energy crisis.

How much will prices increase?

Electricity prices will increase by 11%, while gas customers will face a steeper increase of 32%.

The daily standing charge is also increasing by the same amount.

For electricity, this amounts to €165 a year and for gas, it adds up to around €300 extra per year.

Electric Ireland previously increased prices in May.

You can learn about the full extent of the price increases in another interview Dargah did recently, on Newstalk.

Which suppliers are offering lower energy rates?

Believe it or not, even after increasing prices, Electric Ireland is still offering some of the lowest rates.

There’s a lot of flux in the market and the smaller suppliers have been badly affected, so not all suppliers are charging the same prices.

If you haven’t switched gas or electricity in over a year, you can still save money by switching as suppliers offer new customers discounted rates. 

You might still be spending more than a year ago, but you can lessen the burden by switching.

What will happen this winter?

It’s not looking great and there will likely be more energy price increases over the coming weeks and months, as other suppliers react to Electric Ireland’s increase. 

Electric Ireland will likely increase prices again in a few months, probably in September or October. They might increase prices again by a further 10-20%.

A lot will depend on how the war in Ukraine will play out. It’s difficult to know what exactly is going to happen.

Gas, in particular, is still at record levels, and we use a lot of gas - around 50% - to generate electricity. So when gas prices increase, it impacts electricity prices. Gas is up maybe 10-15 times what it was only 15 months ago. 

How does the Corrib gas field help us?

It cushions us a little bit. When you look at our electricity prices, they are quite high. We have about the fourth highest electricity prices in all of Europe.

They’re maybe about 20-25% above the EU average. Our gas prices are almost exactly the EU average, so the Corrib gas field does help.

However, supplies are rapidly dwindling and it only supplies about 30% of our gas needs. The other 70% comes via the UK, which in turn comes from Norway. 

The Corrib gas field isn’t enough to sustain us. It would help us in an absolute crisis.

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