Electric Ireland announces another energy price increase - Drivetime
Electric Ireland has announced another price increase for its residential electricity and gas customers, which will come into effect on the 1st of October. The supplier previously increased prices in August and May of this year.
Daragh Cassidy, Head of Communications at bonkers.ie, appeared on Drivetime to discuss the latest energy increase.
Listen back to the interview above, or take a look at the main points below.
A spate of increases
- This likely won’t be the end of price hike announcements from Electric Ireland. Even before the latest spate of increases, gas and electricity prices were at record levels.
- Most suppliers have doubled gas and electricity prices since the start of 2021.
- The big issue is the price of gas on wholesale markets. We use gas to generate around 40-50% of our electricity. At times when it’s not windy, it can generate up to 90% of our electricity.
- Gas has increased over the past 18 months to around 1000%, which is causing havoc.
What can households do?
- You can lessen the blow by switching to another supplier, as you can avail of a new customer discount of up to 40% off standard unit rates.
- This discount will remain for a year, even if your supplier increases its prices. You will be paying less than you otherwise would have.
- You can look at ways of using less electricity around the home. Check out the SEAI’s website, or have a look at our article on 15 ways to use less electricity and save money.
- If you have a smart meter or a NightSaver meter, look at moving your usage at times of the day or night when the energy is cheaper.
- The CRU just announced a range of measures, including an extended moratorium on disconnections, in a bid to help households.
- The Government could also help by further reducing VAT.
Switch and save today
If you’re looking to switch to a cheaper energy supplier, you can use our free energy price comparison tool to compare deals from Ireland's main energy suppliers against your current plan.
Check out our Quickstart Guide to learn about the comparison and switching process.