Energia to increase electricity prices by 4%

Energy provider Energia said on Friday it will increase electricity prices by 3.9 per cent on December 1st, becoming the fourth such provider to increase rates in recent months.

The rate hike also follows an increase in the public service levy earlier this month, which is adding a further €25 to annual bills.

Energia will increase its standard unit rate to 17.3 cent from December 1st, and is expected to cost customers with average consumption an extra €0.09 a day or € 31 a year on their bills.

“This is the fourth energy price increase announcement in the last four weeks, meaning that one thing is very clear – energy prices are on the rise. It is likely that more suppliers will announce hikes over the coming weeks,” said Mark Whelan, head of communications with Bonkers.ie.

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On November 1st, SSE Airtricity and Bord Gáis Energy will increase their electricty prices, followed by Electric Ireland on February 1st , 2018.

Lower rates

Consumers are now being urged to switch providers to lock into lower rates now.

“Now is the time for people to take action to combat these hikes. Only about 15 per cent of Irish consumers switch energy supplier each year, which means most of us are paying more than we need to for our energy,” said Eoin Clarke, managing director of Switcher.ie.

“But, despite these rises, the market is competitive, with some heavily-discounted plans available to new customers signing up, along with ongoing discounts for things like paying by direct debit, always paying on time, and opting to receive bills online,” Mr Clarke said.

However, while electricity prices are only headed in one direction, Mr Whelan said that gas customers should be relieved to hear that they won’t be affected as we head into the colder winter months.