Around 1.1 million Irish households are set to experience a significant hike to their monthly electricity and gas bills from October.
Today it has been revealed that Electric Ireland is set to hike their gas prices by 37.5%, and their electricity prices by 26.7% from October onward.
This will reportedly add €37 to the average monthly home electricity bill, and €43 to the monthly gas bill. Annually, this represents a €446 hike to annual electricity bills, and €515 to annual gas bills.
This represents the fifth price hike of its kind from Electric Ireland since the start of 2021 amid the ongoing energy crisis.
This will impact around 150,000 gas customers and 1.1 million electricity consumers.
Pat Fenlon, Executive Director of the firm, said that the current time was “unprecedented” in the energy industry, as wholesale gas prices rose over 700% in the last 12 months, and over 200% since this past June alone.
“It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas,” he said.
However, some on social media have pointed out that Electric Ireland’s parent group, the ESB, recorded €680 million profits in 2021.
Time to invest in more blankets I suppose.
— Daniel Gammon (@Dan_OCG) September 1, 2022
The news comes as Energy Minister Eamon Ryan says Ireland is facing “an absolute crisis” this winter as regards energy costs.
“People are not going to really see it coming until the bills hit in November, December, January and February,” he said this week.
“The way this war is looking, there is no end in sight and that’s the most frightening thing.”