Electric Ireland to increase electricity and gas prices

Electric Ireland has announced plans to increase residential electricity bills by 26.7% and gas bills by 37.5% from 1 October 2022.

Electric Ireland say that the decision was taken due to unprecedented increases in international energy market prices and their impact on wholesale gas prices.

They say that the increases equate to €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill.

Speaking today, Pat Fenlon, Executive Director of Electric Ireland, said this continues to be a very challenging time for customers, and an unprecedented time in the energy industry.

He said that there have been increases in 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,” said Mr Fenlon.

“To put that into context, this time last year wholesale gas prices for winter were circa. GBP£1.15 per therm, and as of last week, this winter’s prices were circa. GBP£7.70 per therm.”

Fenlon said that they realise these price increases will be difficult for many customers to absorb and that they are committed to helping customers during these difficult times.

“We encourage any customer having difficulty in paying bills to engage with us and we will work with them to agree a manageable payment plan.

“In addition, our €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).”

Rates effective from 1 October 2022