HOMES HIT BY POWER HIKES

Supplier puts up prices for gas and electricity

ELECTRIC Ireland yesterday announced gas and electricity price hikes – with consumer experts warning more will follow.

It’s the second rise this year by the company, and follows a similar move by rival supplier SSE Electricty earlier this month.

The change comes in on August 1 and will affect residential premises.

Electricity prices will go up by 6.2% while gas prices will rise 8%.

In February, the supplier increased electricity prices by 4%, or almost €35 per year, but did not put up gas prices at that time.

The company insists the hikes are in direct response to sustained rises in wholesale energy prices.

They equate to €4.68 per month (including VAT) for electricity, based on the typical customer with a usage of 4,200 kwh per annum. For gas consumers, it equates to €4.59 per month (including VAT) and is based on the typical residential usage of 11,000 kwh per annum.

Niall Dineen of Electric Ireland said: “We are absolutely committed to keeping our prices as low as possible.

“It has been a very difficult decision to make, but the wholesale costs required to supply electricity and gas are continuing to rise.”

Earlier this month SSE Electricity, announced its typical household dual fuel bill would increase by an average of 8.9%, or around €2.70 per week, from July 14.

Consumers are now being warned to brace themselves for similar moves from other suppliers.

Price comparison website Switcher. ie’s Eoin Clarke said: “This spells bad news for cash-strapped consumers.

“Household energy prices rose across the board just last winter, but this announcement – hot on the heels of a price hike from SSE Airtricity – suggests there’s still more to come. People will really start to feel the pinch once these increases begin to bite on their bills.

“Many of us are already stretched to the limit and simply cannot afford to pay through the nose for essentials like gas and electricity.

“This is why it’s crucial to make sure we’re all paying the lowest rate possible for our household energy.”