septembre 23, 2021

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Bright faces skyrocketing prices as energy costs continue to rise

Bright Energy is increasing the amount it charges for electricity by 26% in its second price increase this year.

The energy supplier, which is owned by the Maxol Group, said it will roll out a fee from September 18 for existing customers and from today for new customers.

The company said in a statement that the average Bright customer will now pay an additional €264 per year, bringing the typical bill to €1,295.

Bright said that significantly higher wholesale costs in the year since its launch in Ireland means customer tariffs must increase.

According to the company, one megawatt of bulk electricity costs only 40 euros in July 2020, but it can now be priced at 140 euros.

“The combination of low winds on the grid system and a number of power generators not available due to basic maintenance means that the electricity is not being produced in the required quantities,” said Kiaran Devine, CEO of Bright.

“The detrimental effect is that service providers, including Bright, have had to incur the higher costs associated with generating and maintaining the country’s electricity grids.”

The company said 95 percent of the electricity cost to customers is due to factors beyond its control, such as wholesale prices, network costs, taxes and market operator fees.

Wholesale electricity prices have reached their highest levels since the introduction of the single electricity market in October 2018.

Higher costs of energy inputs mean that service providers have to charge customers more fees to maintain their profit margins.

As a result, energy suppliers across the market have increased their prices this year, with many of them raising prices twice already.

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Earlier this week, Flogas introduced its third price increase in just four months, charging for gas and electricity by 18% and adding up to €247 to the average bill.

In April, nearly all of the country’s energy suppliers raised their prices.

Pinergy, Panda Power and Iberdrola have raised their prices for the second time.

Last month, Bord Gáis Energy announced its price hike for the second time this year as well, and Electric Ireland also said it would raise prices again, starting this month.

According to Eurostat, electricity prices in Ireland are already above the EU average and are the fourth most expensive in the 27-nation bloc.

Brite provides only 100% of green electricity to customers, according to certification by the Utility Regulatory Commission.