Electric Ireland announced price increases last month, and it went into effect on August 1st.
The increases will result in residential gas and electricity price increases of 29.2% and 10.9%, respectively.
This equates to an average monthly gas and electricity expenditure of €25.96 and €13.71, respectively.
Irish energy providers announced over 35 price hikes last year, and the trend has continued this year with price increases announced by all the major providers, including Bord Gáis Energy, Energia, and PrePayPower.
Head of Communications with price comparison website Bonkers.ie Daragh Cassidy said around 1.1 million electricity customers will be affected by Electricity Ireland’s price hike along with about 200,000 gas customers.
“All suppliers have been raising prices by absolutely astronomical amounts and we’re heading into a winter with gas prices, electricity prices at really, really high levels,” Mr. Cassidy said.
He said he does not think there will be electricity blackouts this winter but added that it is “almost certain that we’re actually going to see even more price increases”.
Mr. Cassidy said there is a lot of competition between energy providers and customers can still get substantial discounts by switching.
But he said no one is going to be able to offset some of the price increases seen “and we’re all going to be paying more for gas and electricity than we were at this time last year”.