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03 Oct 2022

Electricity price hike: Average bill to increase by almost €10 a month

Electricity price hike: Average bill to increase by almost €10 a month

Electricity price hike: Average bill to increase by almost €10 a month

Households can expect a significant jump in the price of their average electricity bill after Electric Ireland announced it is increasing residential electricity prices by 9.3%.

Gas prices are also on the up with a 7% hike. Both increases will take effect from November 1.

Electric Ireland says "this is due to unprecedented increases in wholesale energy costs" but homeowners are unlikely to be happy with fuel prices across the board increasing, including home heating and petrol and diesel. 

The electricity and gas increases equate to €9.02 per month on the average residential electricity bill and €4.85 per month on the average residential gas bill.  

Commenting on the announcement, Marguerite Sayers, Executive Director, Electric Ireland, said, “In Electric Ireland we do our very best to keep our prices as low as possible for our customers. Unfortunately, this price increase is necessary to offset the unprecedented rise in wholesale energy costs this year.    

“While we know any increase is unwelcome, Electric Ireland remains fully committed to providing the best value to our customers by offering one of the lowest standard unit rates in the market for electricity and gas, with an enduring discount rate of up to 8.5 per cent which reduces those unit rates further. 

“We appreciate that energy price increases combined with other bills may put some households under financial pressure as we move into the colder winter months. We would urge any customer who has difficulty in paying their bills to engage directly with us, or with The Society of St. Vincent de Paul or MABS with whom we work in such circumstances.    

“Alternative options available to all Electric Ireland customers are flexible payment plans, such as the Equaliser Plan, which enables customers to spread energy costs across the full year by paying a similar amount each month or taking a payment holiday. As always, our customer support teams will be available to assist anyone with questions or concerns arising from these increases.” 

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