Gas ring on a hob with blue flame

Why are all the energy suppliers hiking their prices - rising wholesale costs are to blame

The majority of suppliers who have recently put up their prices blame rising wholesale costs as the reason for doing so.

The latest quarterly report from the CRU has revealed the dramatic increases in wholesale energy costs year on year.

Between January and September 2018 the cost of wholesale electricity was 32% higher than the same period in 2017, and 50% higher than the same time in 2016. When looking at the gas wholesale market, prices were 40% higher in September 2018 than September 2017 and 58% higher than the same month in 2016.

Unfortunately many of us have felt the knock on effect of these rising wholesale costs - with the the majority of the price rises we have seen in the past year being attributed to this.

How can I keep my bills down?

It may seem like a lost cause at times like this when wholesale energy keeps going up and up, but there are things you can do to soften the blow and bring down the cost of your bills as much as you can.

Introduce some energy-saving measures around the home such as fitting energy-efficient lightbulbs and turning appliances off at the wall when they aren’t in use. You’d be surprised at how much these small changes can impact your bills.

However, the easiest way to save is by switching energy supplier. If you haven’t switched in the past 12 months then you’re most likely on a more expensive standard rate and not availing of any new customer discounts. Right now by switching your energy you could save up to €307… not bad for a few minutes work!

Switch and save up to €396 on your energy bills

It only takes a few minutes to find a cheaper deal and start saving