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Electric Ireland to hike prices for gas and electricity customers from 1 August

The hikes will add €56 onto the average annual electricity bill and €55 onto the average annual gas bill.

This afternoon, Electric Ireland has announced that it is to increase electricity prices by 6.2% and gas prices by 8%.

This is the second increase Electric Ireland it has made in six months and it adds €56 onto the average annual electricity bill and €55 onto the average annual gas bill.

In February, Electric Ireland increased electricity prices by 4%, or almost €35 per year, so electricity customers who have been with Electric Ireland for some time will see a year-on-year increase of over €90 on the average bill, once this latest hike comes into effect.

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I’ve just joined Electric Ireland, can I switch because of this increase?

Most energy suppliers have 1-year contracts. And, while you might be signed up to a particular discount, the underlying tariff is what’s known as a ‘standard variable’ tariff, which means it can rise and fall.

If you are still in contract with Electric Ireland, but you want to cancel as a result of this hike, you’ll have to pay an early exit fee of €50 per fuel, which amounts to €100 if you are a dual fuel customer.

Switch to a new supplier and save up to €258

We’ve already seen a significant price hike announcement from SSE Airtricity earlier this month, and it’s possible that - on top of Electric Ireland - other suppliers will now follow suit.

During this spell of good weather, switching energy supplier may be the last thing on your mind, but it’s crucial to make sure you’re paying the lowest rate possible for your household energy, as this will help to soften the impact of any hikes.

At the moment, an average dual fuel customer switching from typical standard tariffs to the cheapest deals on the market can save up to €258, and you’ll save even more if you have higher consumption.

If you’re really concerned about future hikes, you could also consider a fixed-rate energy deal – you won’t make such a large initial saving, but you will be protected from future price hikes for a period of time and this peace of mind could be worth its weight in gold. There aren’t many of these plans available on the Irish market at the moment, but Just Energy does have some on offer.

Switching only takes a few minute, and you can use Switcher.ie’s free gas and electricity comparison tool to get started.

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