Dual-fuel customers of Energia will have to pay an additional €229 over a year
An eighth energy company is to put up its prices, in a development that is set to put a squeeze on household finances.
Energia follows recent price-rise announcements by Bord Gáis Energy and SSE Airtricity with the cost of its electricity and gas to rise next month.
Electricity customers with Energia will see prices rise by 4.73pc from October 12. This will work out at an extra €87 over a year. The electricity standing charge will increase by 5pc for these customers.
Gas is going up by 9.38pc on the same date. The average annual bill will be €142 more expensive. There will be no change to the gas standing charge.
Dual-fuel customers will see a 6.73pc increase to the average annual bill, which equates to an additional €229 over a year.
Managing director of customer solutions at Energia Gary Ryan said his firm was reluctant to increase prices, with a firm focus on offering the best possible value to our customers.
“However, the ongoing global volatility of wholesale energy markets and increased network charges means that it is now necessary for us to make a price change across electricity, and our first increase to gas since 2022.
“We fully understand that any changes to pricing affects households. We would therefore encourage customers who are experiencing difficulties to engage with us for support.
Earlier this week Bord Gáis Energy, which is the second-largest energy supplier in the market, said it was increasing the cost of electricity and gas and its standing charges for its 715,000 customers from October 9.
The increase in the electricity unit rate and standing charge will see a typical residential electricity customer’s bill increasing by 8.8pc. This works out at an additional €177 over a year.
For a typical residential gas customer, there will be a rise of 9.3pc, which works out at an extra €140 over a year.
A typical dual-fuel household bill will increase by 9.1pc, or €317 over a full year.
Pinergy last month announced an increase in electricity prices, Flogas flagged electricity and gas price hikes in June, while Yuno Energy and Electric Ireland announced increases in May.
Price rises for Electric Ireland’s 1.3 million customers took effect from last month.
From next month, householders are facing a €41 rise in network charges on their electricity bills after a decision by the regulator.
The extra €41 a year, effective from October, is in addition to the current network charges, which average around €500 a year on a typical bill, the regulator said.
Network charges typically make up around 30pc of electricity bills.
Ireland has the highest electricity costs in Europe, according to EU statistics agency Eurostat.
Daragh Cassidy of price-comparison site Bonkers called on the Government to reduce the rate of Vat on energy bills further and to consider pausing another hike in the carbon tax.
“Unfortunately, there are no easy solutions to high energy prices in the short to medium term. While the ultimate goal is obviously to drastically reduce our reliance on fossil fuels and natural gas, this will take well over a decade, maybe two or three,” he said.