Electric Ireland announces latest price increase

Electric Ireland is to increase its electricity and gas prices from October 1.

It's the company's fifth price rise since the beginning of 2021.

It blamed "unprecedented increases in international energy market prices and their impact on wholesale gas prices" for the decision and follows similar moves by a number of other companies.

In a statement today, Electric Ireland said it is raising residential electricity bills by 26.7 per cent and gas bills by 37.5 per cent with effect from October 1.

That will mean an increase of €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill.

Electric Ireland increased its residential gas bills by 29.2% and residential electricity bills by 10.9% in August.

Commenting on the announcement, Pat Fenlon, Executive Director, Electric Ireland said: “This continues to be a very challenging time for customers, and an unprecedented time in the energy industry with increases to wholesale gas prices in excess of 700% over the last 12 months and 200% since June 2022 alone.

"It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas."

The company, which is a subsidiary of the state owned utility ESB Networks, says its "€3 million Electric Ireland Hardship Fund is available and will be administered on our behalf by our partners SVP (Society of St Vincent de Paul) and MABS (Money Advice and Budgeting Service).”

PrepayPower yesterday said that it will increase its gas and electricity prices from October 1. Its electricity prices are to rise by 19 per cent, while gas prices will increase by 29 per cent.

SSE Airtricity last week said it would increase prices for its customers from October1. Its electricity bills are set to rise by over 35 per cent and gas bills will rise by 39 per cent.