Electric Ireland: Increase in costs forced 5.9% price hike
Households will be hit with a hike in their electricity bills days after it emerged that gas prices will rise.
Electric Ireland announced its electricity prices will increase by 5.9% from October 1, adding more than €60 a year to an average bill.
It also revealed its residential gas prices will soar by 8.5% to mirror the Bord Gais Energy price increase announced by the Commission for Energy Regulation earlier this week.
Liam Molloy, Electric Ireland’s general manager, said the company regretted increasing its prices but maintained two-thirds of the electricity rise represents the cost increases applicable to all energy consumers, regardless of supplier.
“We are acutely aware of the financial pressures facing our customers and we have done all we can to minimise the increase,” said Mr Molloy.
“The price change announced today is due to a combination of factors. The increase in transmission and distribution network costs and the Public Service Obligation levy account for two-thirds of the overall increase.
“We have managed to keep the remainder, which is due to the impact of the weak euro on our wholesale energy costs, to a minimum.”
Earlier this week, Bord Gais was given the green light to hike its household prices by 8.5%.
The decision, which will come into force in October, could add €75 to the average annual gas bill of the 433,000 Bord Gais customers – meaning households could pay up to €960 a year.
The price hike was slammed by opposition parties and charities for the elderly.
Age Action Ireland called on the Government to take energy poverty seriously and make guarantees that no further cuts to the household benefits package and fuel allowance be considered.
It said older people are already struggling to heat their homes, particularly after Bord Gais secured a 22% hike in prices this time last year.
