Irish homes to be hit with 'hefty' energy price increases from today

Irish households are being warned to brace themselves for a raft of energy price increases from April 1.

Electricity prices in Ireland are already the fourth most expensive in the EU, while gas prices are the seventh highest.

The energy price increases will be staggered throughout the month, depending on which provider households use.

April 1 

Around 270,000 SSE Airtricity customers will see electricity prices go up by 6.2%, while 85,000 gas consumers will see a rise of 4.5%.

Meanwhile, customers of Pinergy will see electricity costs increase by 4.2%.

April 5 

Energia's 160,000 electricity customers will see a rise of 8.6%, while 60.000 gas customers will pay 5.7% more.

This means the average customer will pay around €100 and €50 a year extra for electricity and gas respectively.

April 12 

Bord Gáis Energy plans to raise their electricity prices by 8%, adding more than €80 to their 350,000 customers' annual bills.

However, Ireland's second-biggest energy supplier says that the company's freeze on gas prices will remain in place for now.

Panda Power, Iberdrola, Glowpower, and Flogas are also increasing prices later this month.

Meanwhile, Electric Ireland, the country's biggest electricity supplier has announced that it does not intend on raising energy prices at this time.

The company previously increased its rates by 3.4% in October of 2020 when other suppliers chose to freeze theirs.

Carbon Tax

Daragh Cassidy, head of communications at bonkers.ie says there is "no guarantee" that Irish households won't be hit with further increases later in the year.

He said: “Some of these increases are fairly hefty and will hit households hard.

"To make matters worse, the increased carbon tax on gas bills will also kick in from next month, meaning households will now be paying around €80 a year on the tax alone.” 

Mr Cassidy said the reason for the price increases are a result of charges for maintaining and running Ireland's gas and electricity networks having been increased by the energy regulator.

"These charges make up around 30% of the price we pay for our energy and the increases are now unfortunately being passed on to customers too.” 

Households looking to offset the price increases are advised to compare prices and switch to a cheaper supplier if and when they find one.

Mr Cassidy added: "At the moment someone who is paying standard rates and who switches supplier could save themselves well over €400 a year on average.

"It’s super quick and easy to switch and can all be done online in the space of a few minutes."