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PREPAY POWER IS increasing its electricity prices by 9.9% from December, after a 19% hike in August.
The company is not changing its gas prices.
A spokesman for the company said: “While we are pleased to be able to hold gas prices at current levels as a result of our extensive hedging operations, unfortunately, even though there is some volatility on spot prices at present, the fact remains that longer term wholesale electricity and gas prices are 4 times their historic norms.
“That has left us with no option but to increase prices for our electricity customers.
“We believe that this will be the last increase necessary for Winter ‘22.”
The increase will be applied only to the unit rate of electricity. There will be no change to the standing charges.
Prepay Power has set up a support fund of €750,000 to help customers struggling to pay their energy bills.
Daragh Cassidy, head of communications at bonkers.ie, said the price hike “will come as a blow to households as we head into winter, especially as there has been a lot of talk about falling energy prices on global markets in recent days”.
“But we need to remember that prices have fallen from astronomical highs and are nowhere near the price for us to see household energy bills come down,” he said.
“At one stage during summer the price of gas was up by over 1,200% compared to early 2021. It’s now up by around 500%, though it’s very volatile. However energy bills have gone up by around 140% over the past 18 months. So you can clearly see that although prices have fallen, it’s really only protecting us from further price increases.
Cassidy said the €600 energy credit and the €400 fuel allowance top-up payment, which will both be paid from next month, “will help take the sting out of rising prices for households, as will the double social welfare payment that was announced in the recent budget”.
“Most suppliers have also set up hardship funds which will provide financial support to those most in need so I’d encourage anyone who is worried about their energy bills to chat to their supplier too,” he added.
“Even after today’s news, Prepaypower’s average bills remain among the lowest in the market, which is highly unusual for a prepay energy provider and it’s welcome to hear that it doesn’t expect to have to increase prices again over the coming months.”
Irish energy prices are estimated to have increased by 13.6% in the past month and are up by 47.6% since October last year, according to the EU harmonised index of consumer prices.
Additional reporting by Press Association
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Just remember on who’s watch all this price gouging is happening.
@Mel Fitzpatrick: nothing coming from Leinster House from any of them.
Of course they are.. 200 euro from the gov has to be sucked up by the providers somehow.
Increasing prices just before Christmas. January just got a lot worse for their customers
How much are pre pay charging for a kwh/ per unit? Im direct debit, online billing with electric ireland and thats 35,5 cents per kwh inc vat. It pays to shop around
@Big bad bull: A prepay meter is by far the most expensive way to buy electricity and it brings with it disconnection f you have no money to top up. People are very unwise to use this system and should get away from it ASAP
People need to tighten belts a little more and cut back on unnecessary luxuries. Energy is expensive and the government have been more than generous.
@Dave Forde: fully agree with you Dave. This whole notion of illuminating the outside of the house is just nuts. Nothing wrong with a nice tree with lights on and some decorations around the room or house.
There is no point contributing further to the profits of these companies.
Absolutely. And don’t get me started on those fools who insist on leaving on hall and landing lights. Only light the room you are in. If people also insist on having a TV in every room and the kids on xbox’s and PlayStations then they have nobody to blame but themselves
@Dave Forde: I assume you don’t have kids and if you do, you wouldn’t leave a landing light on for them? Really? Cold creature.
@Terry Fagan: definitely a whiff of Grinch of those 2, I’d say they are great fun at a party!!!!!
@Terry Fagan: absolutely no way would I. Its a time of crisis and people who pander to sprogs need a good bit of cop on. Don’t go crying when ur bills are through the roof cos u left the gaff lit up like a Christmas tree
@Dave Forde: Get a bloody grip of yourself. If I tighten my belt any further I’ll stop breathing. The price of everything has gone up its not just energy the price of a shop has sky rocketed. Majority of it is utter price gouging especially energy. War in Ukraine is a very convenient excuse now for every price increase. As for government generousity catch yourself on. Its our own money we are getting and let’s face it its still the taxpayers that are losing out. Constantly screwed. We pay more for getting an awful lot less. If government was seriously interested in helping people they would take on energy companies. Already the price of gas is dropping. When Martin was asked when would the decrease be reflected in people’s bills he said it probably wouldn’t. Why the hell not if it was the other way round a % rise would have been slapped on immediately. Both taking us for fools.
@Franny Ando: ah will ya stop. If its so bad for ya then cancel your TV subscription or broadband. These luxuries can be done without. Government playing a blinder in these trying times. Its very hard for some people but they may need to try harder
@Dave Forde: Its really hard to know whether you are incredibly ignorant or an arrogant cr-et-in .
@Dave Forde: Pander to sprogs? Are you for real? You should go live with Putin, you’d get on like a house on fire. C. U. N.ext T.uesday.
Nothing we need more. Thanks so much prepay power. U know how to make ur loyal customers feel special in these trying times
The privatisation of the supply of electricity has been a disaster for citizens. A small handful of people are getting extremely rich on the backs of the people. The supply of vital utilities should be done on a not-for-profit basis. If not via a State or Semi-State entity, then the government should facilitate the setting of COOP. But I’ll not hold my breath, there’s no money in that for the golden circle.
Ah very good,just in time for the €200 credit….
What is their unit price?
@: can’t see the unit price on that website!
@Dominic Clancy: It’s in the big Yellow box:
“More information on our Pricing and Rates.”
@l: always been the highest in the market.
That not a bad increase at all
Interesting piece about energy prices
https://www.ft.com/content/8c4f9b6f-7770-490e-83e8-3fdd12f7a99f
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