The impact of Electric Ireland’s price increase -  Morning Ireland

Image audioImage The impact of Electric Ireland’s price increase -  Morning Ireland

As the trend of energy price hikes announcements continues, Daragh Cassidy, Head of Communications at bonkers.ie, discussed the impact this is having on households. 

In particular, Daragh looked at Electric Ireland's latest price hike that came into effect on August 1st. 

The impact of Electric Ireland’s latest price hike

Electric Ireland is one of the biggest energy supplies in Ireland, so this rise in prices will affect a lot of customers. We expect it will impact around 1.1 million electricity customers and 200,000 gas customers. 

Electricity customers will be paying an extra 165 on their bills a year, while gas customers will be paying an extra 300-350.

Is this price increase out of the norm?

Unfortunately not.

Since January 2021, the average Electric Ireland customer’s electricity and gas bills have risen by an extra €700 each.   

But believe it or not, Electric Ireland has pushed through a smaller amount of price hikes in comparison to some of the other energy suppliers on the market. 

There is no denying that all suppliers have been raising their prices astronomically. We are heading into a winter where gas and electricity prices will hit really high levels. 

Can consumers expect more price increases?

Yes, definitely.

Pinergy recently just announced another increase, while both Panda Power's and Flogas’ price increases are due to come into effect this month too. 

If I am being honest, I wouldn’t be surprised if the larger suppliers such as SSE Airtricity were to announce increases soon. 

Switch and save

Although gas and electricity suppliers are increasing their prices continuously, it is still possible to save money on your energy bills by switching suppliers. This is because suppliers are still offering discounts, some up to 40%, for new customers. 

By switching providers, you could save up to 700-800 annually. A figure which will most certainly remove some of the sting of rising prices. 

Other ways to save money on your energy bill

  • Get LED light bulbs
  • Tackle drafts
  • Put on cooler washes
  • Unplug appliances at night  

For those of you that have a night saver meter or smart meter, you should try to use energy at times in the day or night when it is less expensive. 

Lastly, if your home has a low BER rating, you should consider retrofitting your home if you have the budget to do it. 

The reduction of the PSO levy 

This is a small bit of good news for consumers as the regulator has decided to reduce the PSO levy. This levy came into effect a few years ago and is there to support renewable energy.

It had been adding 50-60 to people’s bills including VAT. However, the Government and the CRU have stated that it is going to turn it into a credit on people’s bills of around 90. So instead of paying 60 on our bill, we will receive a credit on our bills.

Although this seems great, the only reason consumers will be receiving this is because gas and electricity prices are so high, and wind farms etc do not need the extra financial support. 

Cut the cost of your household bills today

On bonkers.ie you can compare the different energy deals from Ireland’s main suppliers in seconds. Once you find the best price for you, you can apply online through us and start your savings journey today. 

But why stop there? On our site, you can also find the best value deals across broadband, banking and other insurance products in just a few clicks. 

Get in touch

Has Electric Ireland’s new price increase impacted you? Let us know today, send us a message on Facebook, Twitter, and Instagram

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