LAST UPDATE | 26 Aug 2022

SSE AIRTRICITY ARE set to hike both electricity and gas prices from the beginning of October, with gas bills in particular set to rise by almost 40%.

The massive price hikes will see electricity bills rise by 35% while gas bills are set to increase by 39%.

Dual fuel household bills are also set to rise by 37%, which is set to lead to an extra €3.02 each day.

According to SSE Airtricity, this will lead to an extra €1.62 a day on electricity bills and an extra €1.40 a day on gas bills. This translates to an average of €590-a-year on electricity and €510-a-year on gas. 

The price increases are set to come into effect on 1 October.

SSE Airtricity have said that the increases are due to “continued volatility” in the global energy market and “ongoing market uncertainty” that is impacting energy suppliers in Ireland and Europe.

The company previously increased prices in May, putting electricity prices up by 24% and gas prices up by over 32%.

In a statement, Klair Neenan, the managing director of SSE Airtricity said:

“We know this news will be disappointing for our customers. It was hoped market volatility would ease, but the global energy crisis continues to impact gas and electricity costs for all energy suppliers.”

Neenan said that the company is aware of the impact the price hikes would have on customers and added that a €25 million fund was being established to offset the increase for vulnerable customers this winter.

“While it is difficult to know when wholesale prices will begin to improve, we are committed to reducing our prices as soon as we can,” Neenan said.

Daragh Cassidy, head of communications at Bonkers.ie said that the rate of price increases are unsustainable.

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“To say these are unprecedented times is an understatement. Price increases of this frequency and this magnitude are clearly unsustainable,” Cassidy said.

“More price hikes from other suppliers later in the year, including SSE, are almost a certainty.”

It comes after the Commission for Regulation of Utilities (CRU) yesterday announced a new suite of measures to prevent people being cut off from utilities this winter, including a six month disconnection moratorium for vulnerable customers.

The significant price hikes come as Ireland continues to face the highest annual level of inflation in 38 years.

The latest Consumer Price Index shows that inflation is currently running at 9.1%, which is the highest increase since 1984.