Domestic gas and electricity prices have risen 30 times this year

Ireland’s energy suppliers have announced newly raised gas and electricity prices on 30 occasions this year.

Homeowners face paying an extra €340 a year on their electric bill and €200 a year on their gas bill amid the increases, according to price comparison website Bonkers.ie.

Some energy suppliers have raised their prices four times this year, according to Irish Examiner. The latest rise has come from Bord Gáis Energy (BGE), which it says owes an « absolutely high » cost of energy.

The supplier confirmed that it will increase the unit price of electricity by 10 percent and the unit price of gas by 12 percent, starting from October.

This isn’t the first time the company has raised prices this year, said Darg Cassidy of Bonkers.ie.

« It is the third time this year that electricity prices have been raised, and the second time this year that gas prices have been raised, » he said.

« When you take all these price increases into account, you’re looking at an extra €340 on your electric bill and an extra €200 on your gas bill – so it’s not a meager amount. »

‘Rocket Rise’ costs

BGE’s higher prices mean that 350,000 customers will see an increase in their electricity bills of 123 euros per year and 300,000 customers experience an annual increase of 100 euros in their gas bills.

Cassidy said the increase was expected, given the other price increases announced this year on the back of a « rocketing spike » in wholesale energy costs, increased demand as the economy reopens and a supply crunch.

In the UK, a spike in wholesale gas prices has led to the collapse of seven companies since August, and has led to a warning from the UK government to prepare for the worst.

With rising gas prices, energy companies that did not pre-purchase their gas are forced to pay more for it than they promised to sell to customers.

St Vincent DePaul said he fears the impact of higher prices on Irish households in energy poverty, as many of them will have less financial flexibility after the pandemic and higher debt levels.

Energy Secretary Eamon Ryan said the government would consider « specific measures » to mitigate the impact of the « very large, but hopefully short-term problem » of high electricity bills on those most at risk of fuel poverty this winter.