Electric Ireland to raise price of gas and electricity by 4pc

ELECTRIC Ireland is to hit its customers with a price hike from the start of April, ending the winter price freeze it had put in place.

The supplier had promised not to raise prices up to the end of this month.

Now its 1.1 million customers will see the prices of gas and electricity increase by 4pc each, in a move that will add around €38 a year to the aver- age electricity bill. Average gas bills will go up by around €30 a year.

It is the second hike from Electric Ireland in just over six months.

The two rises will see households paying around €90 extra on electricity a year.

Seven suppliers have now raised their prices in the past few months.

The Electric Ireland move comes weeks after rival Bord Gáis Energy said it would increase prices from March 10.

Electric Ireland, the largest electricity supplier in the market, blamed a surge in wholesale gas costs for the higher charges for householders.

The company, which is part of the ESB group, has 140,000 gas customers.

Electric Ireland executive director Marguerite Sayers said: “Against the backdrop of much higher wholesale energy costs, we now reluctantly have to pass on some of these higher costs to our customers.”

She said the supplier was the only one in the market to offer savings of up to 8.5pc on an ongoing basis to reward loyal customers.

Customers of the company were advised to switch suppliers to negate the higher costs.

Daragh Cassidy of price comparison site Bonkers.ie said switching could see householders save hundreds of euro.

“Right now, a customer who is on standard rates and who uses an average amount of gas and electricity a year could save €357 on average by switching energy supplier,” he said.

“It’s quick and easy to switch and it can all be done online in the space of a few minutes on bonkers.ie. Energy contracts usually last just one year, so if you’ve been with your energy supplier for over 12 months then it’s time to switch.”

Earlier this month, Bord Gáis Energy said its electricity prices are to go up 4.3pc, with gas bills to rise by 2.3pc, from next month. The company also increased prices last summer.

Most providers have now raised prices twice in the last 12 months.

Energia raised the cost for consumers getting electricity, gas and dual fuel from it with effect from the start of the year. And price rises were also announced by SSE Airtricity, Pinergy, Flogas and Panda Power.