ENERGY COMPANY ELECTRIC Ireland has announced today that it is increasing its residential electricity prices and residential gas prices from 1 August.

The company said these increases are in direct response to sustained increases in wholesale energy prices.

The supplier will increase its residential electricity prices by 6.2%, or €56.16 a year, and its gas prices by 8%, or €55.08 a year, based on typical residential electricity and gas customers usage.

“Electic Ireland is absolutely committed to keeping prices as low as possible. It had been a very difficult decision to make, but the wholesale costs required to supply electricity and gas are continuing to rise,” Niall Dineen, head of residential markets at Electric Ireland said in a statement.

In June, energy company Airtricity also announced that it is increasing its standard household energy prices from 14 July.

A typical household dual fuel bill will increase by 8.9% on average per week or €140 per year. For single fuel customers, the standard price of electricity will increase by 6.4% per week or €58.76 per year while the standard price of gas will rise by 12.3% a week or €81.64 per year.

Commenting on Electric Ireland’s announcement, Eoin Clarke, managing director of Swticher.ie, said: “This spells bad news for cash-strapped consumers. Household energy prices rose across the board last winter, but today’s announcement – which comes hot on the heels of a price hike from SSE Airtricity – suggests that there’s still more to come.

Many of us are already stretched to the limit and simply cannot afford to pay through the nose for essentials like gas and electricity. This is why it’s crucial to make sure we’re all paying the lowest rate possible for our household energy, and this will help soften the impact of any hikes.

“But little over one in 10 of us switch energy supplier each year. If you haven’t already shopped around then we would strongly urge you to do so now.”

Concerns

St Vincent De Paul (SVP) has said it is concerned over the impact these latest price increases will have on low-income, energy-poor households.

“As weather patterns become more unpredictable, it is crucial that the government future-proofs supports and provides assurance for energy-poor, financially vulnerable customers,” Jennifer Thompson, social policy development officer at SVP said.

“This will be particularly important in light of the trend of increasing wholesale prices.”