THIS MORNING SSE Airtricity announced that it will increase its household electricity prices by 5.6% from 1 November 2017.

Hours later, Bord Gáis Energy also announced an increase in its gas and electricity prices – also coming into effect from 1 November.

In a statement SSE Airtricity said, “This change is a result of recently announced increases in regulated networks charges combined with an extended period of rising wholesale energy costs.”

It said it amounts to an increase of 90 cent per week, or €46.80 per year for someone with average consumption on their 24hr SmartSaver standard tariff.

It also added that the increase will not be applied to SSE Airtricity’s customers who use Pay-As-You-Go meters to manage outstanding debt repayments.

Meanwhile, Bord Gáis Energy said its announcement will increase a typical gas bill by €2.12 a month and a typical electricity bill by €4.77 a month.

The changes, which will take effect from 1st November 2017, are due to significant increases in the wholesale cost of energy as well as higher costs associated with distributing energy on the gas and electricity networks.

“In percentage terms, the increase represents 3.4% in a typical customer’s gas bill and an increase of 5.9% in a typical customer’s electricity bill.”

Commenting on the announcement, Eoin Clarke, Managing Director of Switcher.ie, said:

“The fact that SSE Airtricity is increasing its prices is not just a blow to their own customers, it is also a warning to all consumers that, following three years of price cuts, price hikes are back on the agenda.

The danger is now that the other suppliers will follow suit, at a time when the weather is getting colder, and higher energy bills are already on the way.

“Three in five Irish households were forced to borrow to meet the costs of essential bills last year, so an increase of €46.80 per year to electricity costs could leave people struggling.

Clarke added that customers can still make savings by taking steps to ensure that their homes are as energy efficient as possible and that they are paying the lowest prices for the energy they do use.

“At the moment, the average dual fuel customer can save up to €324 by switching from typical standard tariffs to the cheapest deals on the market, which could make a massive difference – particularly if more price rises are on the way.”

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