Flogas customers face 18% price hike for gas and electricity

Customers of Flogas are set to pay hundreds of euro more for heating and lighting their homes over the next 12 months as the utility has announced price increases for both electricity and gas of 18 per cent.

According to the company the price hike will add over €170 onto the annual cost of domestic gas while the yearly cost of electricity will climb by more than €115.

That means that an average customer who gets both gas and electricity from the company will have to spend close to €300 more on energy for their home over the next 12 months than they did last year.

However customers who pay more than average will have to pay substantially more than that.

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The company blamed “significant and continuing increases in global wholesale energy costs in recent months, as well as market supply cost issues specific to Ireland” for the price increases.

It said that since last March “every month has brought incrementally higher wholesale electricity prices” and warned that it was “likely that higher than usual prices are likely to continue for some time”.

“Significant long-term unplanned outages of large electricity generation plants on the island, combined with increasing global commodity and carbon emission costs, are forcing prices up,” the statement added.

Details of the price change will be included in gas and electricity bills from September 18th 2021.

“Energy costs, and in particular electricity wholesale costs in Ireland, are at unprecedented levels right now with no signs of reducing in the medium term. While the monthly PSO reduction from 1st October will be of some financial assistance to householders , we are very concerned about the fundamental challenges facing the marketplace that need to be addressed to avoid further pricing impacts,” the company’s general manager Paul Kenny said.

It is just the latest in a string of price increases and as recently as last April most of the State’s providers rolled out increases.