Iberdrola raises electricity and gas prices

Households face further energy price hikes in the new year after supplier Iberdrola announced it would boost electricity and gas charges.

Iberdrola plans to increase electricity prices by 9.5 per cent, adding €11.55 to the average monthly bill, and will hike gas charges by 15 per cent or €12.60 a month on average.

The Spanish giant will impose the increases from January 1st, 2022, it said in a statement on Wednesday.

Sean O’Loughlin, head of Iberdrola Ireland, blamed rising global energy prices for the move.

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“We fully appreciate that this is not news that our customers will want to hear, but – like other suppliers – we need to respond to the increases we’re seeing in wholesale energy costs,” he said.

Daragh Cassidy, spokesman for price comparison business Bonkers.ie, pointed out that this would be Iberdrola's fourth price increase in a year.

The company announced hikes in October, July and April, Mr Cassidy noted.

He calculated that all four increases would add €560 a year to electricity charges and €408 to annual gas charges.

“2022 is starting where 2021 left off for energy customers, unfortunately,” he said. “There were over 35 price hike announcements in 2021 alone. Who knows at this stage how many there will be in 2022.”

He advised account-holders looking to ease the extra cash burden to compare prices and switch to cheaper suppliers.