Electric Ireland announces price hike

Hard pressed consumers already struggling with rising costs of living faced another blow yesterday with the announcement that Electric Ireland is to hike its prices for both electricity and gas.

Electric Ireland said it will increase its residential electricity prices by 23.4 per cent and gas prices by 24.8 per cent from 1st May.

This will see around €24.80 a month added to the average residential electricity bill and €18.35 a month on the average residential gas bill.

Electric Ireland last increased its prices in November, when it upped the price of its electricity by 9.3 per cent and its gas by 7 per cent.

It is the latest energy provider to increase its costs following recent announcements of increases by both Energia and Bord Gáis.

Marguerite Sayers, Executive Director of Electric Ireland, said the Electric Ireland was acutely aware that the rising cost of living is causing difficulty for households across the country.

But she added that unfortunately the unprecedented and sustained volatility of wholesale gas prices over the last 12 months means that the company now needs to increase prices.

"We delayed the increase as long as we could in the hope that wholesale prices would drop back to early 2021 levels, but regrettably this has not happened," she added.

Last week, gas and electricity company Energia said it will increase prices charged to its customers which will see their average bills go up by 15 per cent from April 25.

Earlier this month, Bord Gáis Energy also said its average electricity bill will go up by 27 per cent and the average gas bill will go up by 39 per cent.