Eight energy suppliers have now announced summer price hikes
Bord Gáis Energy and PrePayPower are the latest suppliers to do so.
Since the beginning of June, it feels like the energy price hikes have been non-stop. At this stage, eight of the ten suppliers in the Irish energy market have announced hikes, with only BEenergy and Just Energy not announcing any rises yet.
Bord Gáis Energy
On Friday, Bord Gáis Energy became the seventh supplier to announce a price rise, with electricity prices going up by 5.8% and gas prices up 4.7% from 6 August.
If you’re an average Bord Gáis Energy electricity customer, this will add €60 onto your annual electricity bills, while an average gas customer will see their bills rise by €36.72 per year.
Dual fuel customers will be facing an increase of €96.72 per year, which is pretty significant - although not as high as some of the other increases we’ve seen so far. However, Bord Gáis Energy is one of the country’s largest energy suppliers, which means a large number of consumers will be impacted.
Last week, PrePayPower confirmed that it is increasing electricity prices by 6.6% and gas prices by 7.5% from 3 August.
This amounts to an annual increase of €75.19 for average electricity customers, while average gas bills will rise by €60.96 per year.
Price hikes so far and when they come into effect
|Supplier||Effective date||Electricity rise*||Gas rise*||Dual fuel rise*|
|SSE Airtricity||14 July 2018||€59||€82||€140|
|Electric Ireland||1 August 2018||€56||€55||€111|
|Flogas||1 August 2018||n/a||€93||n/a|
|Energia||1 August 2018||€83||€97||€180|
|Panda Power||1 August 2018||€48||€32||€80|
|Pinergy||1 August 2018||€72||n/a||n/a|
|PrePayPower||3 August 2018||€75||€61||€136|
|Bord Gáis Energy||6 August 2018||€60||€37||€97|
*on an average annual bill
As you can see, the hikes are very widespread, but the impact will depend on which supplier you’re with and whether you’re a single fuel or dual fuel customer.
If you want to lessen the impact of the hikes, the best thing to do is compare energy deals and switch to a plan that offers a big initial discount, which can offset some of the damage of the hikes.
Once you switch, set a reminder to shop around again this time next year. The CRU has found that dual fuel customers who switched annually for the last four years could have saved over €1,400, so it’s the best way to make sure you’re not overpaying on your energy.
If you’re really worried about the prospect of further hikes - which is a possibility, given the continued rise in wholesale costs - you could consider switching to a fixed energy tariff.
Just Energy has a number of these kinds of plans and, while the savings aren’t as big as you would make by switching to the cheapest tariff on the market, your unit rate and standing charge will be set for the duration of your contract, so you won’t be impacted by any hikes.
“Increases will have a big impact when we return to colder weather”
Switcher.ie’s Managing Director, Eoin Clarke, said almost all Irish energy customers will be impacted by at least one of this summer’s hikes, with higher rates starting to take hold in the coming weeks.
He said: “While heating might be the last thing on our minds while we’re enjoying this rare stretch of good weather, the increases are going to have a big impact when we return to colder weather and the evenings start to close in.”
And he reiterated the need to compare deals and switch, adding: “Although it may not sound like it, there are still good savings to be made on energy if people take control of their bills and regularly switch.”
If you’re an average energy user, you can now save well over €300 to be saved by switching from standard tariffs to the cheapest deals on the market, and discounts are available for things like paying by Direct Debit and receiving bills online.
You can also make even bigger savings by taking some energy-saving measures around the home.