Bord Gáis Energy and Flogas latest firms to hike electricity prices

Customers of Bord Gáis Energy and Flogas are to be hit with a price hike of more than 7 per cent from next month as the providers join a number of competitors in raising charges.

Bord Gáis Energy said its electricity price increase would, on average, add around €81 to the annual cost, an increase of 7.4 per cent. It will take effect from April 12th.

Managing director Dave Kirwan said the company could “no longer absorb increased network, system and wholesale costs for electricity”. He cited “several months of rising costs in the wholesale energy market”.

Flogas said it would be imposing a 6.5 per cent increase on its standard natural gas rate and is increasing its electricity prices by 8.5 per cent

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The move will add close to €100 to the annual cost of domestic electricity while the cost of gas for households will climb by more than €50.

Flogas Energy general manager Paul Kenny said the increases were “necessary due to the same rising wholesale and network costs that have affected all suppliers”.

In the last two week SSE Airtricity, Pinergy, Glowpower, Energia and Panda Power have announced prince increases.

“These increases are hugely frustrating for consumers as they come at a time when energy demand in the home is at record levels due to lockdown,” said Darragh Cassidy of price comparison and switching site Bonkers.ie.

He warned that with the global economy slowly recovering from the effects of the pandemic, “it does seem like the demand for energy is only going to increase and therefore put upward pressure on prices in the medium term”.