Bord Gáis Energy is to increase gas and electricity prices
Like SSE Airtricity's electricity hike, the price rises will come into effect on 1 November.
Following on from this morning’s announcement that SSE Airtricity is increasing its electricity prices on 1 November, Bord Gáis Energy has just announced an increase for its customers, too.
According to Bord Gáis Energy, a typical gas customer’s bill will increase by 3.4% - or €2.12 per month - while a typical electricity customer’s bill will go up by 5.9% - or €4.77 per month.
This could mean an increase of €82.68 for an average customer who has both fuels with the supplier.
What does this mean for energy prices?
Like SSE Airtricity, Bord Gáis Energy say the rise is down to increases in the wholesale cost of energy and higher costs associated with distributing energy on the gas and electricity networks.
As these factors impact on all suppliers, it’s highly likely that we could see more price hikes coming down the tracks.
How can I avoid energy price hikes?
Unfortunately, price changes are at the discrepancy of the energy suppliers, but that doesn’t mean that you can’t still save on your bills.
If you haven’t switched in over a year, you will have reverted to your supplier’s standard tariff by now. This means that you could potentially save hundreds by switching to a discounted tariff with another supplier - at the moment there’s a difference of €378 between typical standard tariffs and the cheapest deals on the market for customers with both gas and electricity.
If you’re really worried about switching and then being hit by a price rise with your new supplier, you could consider a fixed rate tariff. Just Energy launched a number of fixed-rate plans this week - including the cheapest gas deal on the market.
And with fixed rate deals, your unit rate and standing charge are set for the period of your contract, so you won’t need to worry about rising costs.
Take some energy saving measures
In addition to the big savings to be made by switching, you can also make significant savings by making your home more energy efficient.
You can find out more in our guides on energy saving.