ELECTRIC IRELAND IS raising the price of residential electricity and gas for the second time in four months.

Households supplied by Electric Ireland will see their electricity bill increase by 9.3% next month, while gas prices are set to rise by 7%.

Both changes, which the supplier has attributed to “unprecedented increases in wholesale energy costs”, come into effect from 1 November.

The rise will mean an increase of around €9.02 per month on an average residential electricity bill and €4.85 per month on an average residential gas bill, the supplier said.

Electric Ireland provides electricity, gas and energy services to more than 1.2 million households.  

Executive Director Marguerite Sayers said that “unfortunately, this price increase is necessary to offset the unprecedented rise in wholesale energy costs this year”.

Sayers said the energy supplier understands that “energy price increases combined with other bills may put some households under financial pressure as we move into the colder winter months”.

“We would urge any customer who has difficulty in paying their bills to engage directly with us, or with The Society of St. Vincent de Paul or MABS with whom we work in such circumstances,” Sayers said.

“Alternative options available to all Electric Ireland customers are flexible payment plans, such as the Equaliser Plan, which enables customers to spread energy costs across the full year by paying a similar amount each month or taking a payment holiday. As always, our customer support teams will be available to assist anyone with questions or concerns arising from these increases.”

In August, Electric Ireland raised residential prices by 9% for electricity and 7.8% for gas.

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Other energy suppliers, including SSE Airtricity and Bord Gáis Energy, have also increased their prices this year as Ireland faces ongoing concerns about the national electricity supply.

Daragh Cassidy of Bonkers, a price comparison website, said that the announcement was “expected” in light of the recent increases in the market.

“Some suppliers have announced price hikes that will add up to €800 a year to energy bills. So Electric Ireland’s price increases are at the lower end of the scale,” Cassidy said.

“Still, as we move into the darker and colder months when energy demand around the home typically soars, many households will feel the pinch,” he said.

We have skyrocketing fuel prices, increased demand as the economy recovers, at the same time as we’re having a supply crunch. It’s all created the ‘perfect storm’ for price increases.

“However, price increases of this magnitude and frequency are unsustainable. And coupled with recent concerns about potential power outages and pressure demands on the grid, it’s not an exaggeration to say we’re in the midst of an energy crisis.”