Energia – which has around 290,000 customers – is the latest energy provider to announce a price increase, blaming “ongoing global volatility” in wholesale energy markets.
From 12 October, the hikes will see average household bills increase by 4.73%, or around €87 a year, for electricity customers.
Meanwhile, Energia gas customers’ bills will rise by an average of 9.38%, which will add roughly €143 annually.
Dual Fuel customers will see an average bill increase of 6.73%, which equates to about €230 a year.
The company’s standing charge for electricity is increasing by 5%, with the gas standing charge remaining unchanged.
Energia has around 220,000 electricity customers and 70,000 gas customers.
Its Managing Director Gary Ryan said “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,” he added.
Energia said it collaborates with “several charitable and support organisations such as St Vincent de Paul, MABS, Alone, and our customer service team are available to speak to any customers experiencing difficulty”.
EV/smart tariff customers will see ‘more substantial’ rises
Commenting on the increase, Daragh Cassidy from comparison site Bonkers noted that the electricity tariff hikes are “just an average, as those on an EV tariff or a smart electricity tariff will see much more substantial increases at certain times of the day”.
“Energia’s night-time rates from 11pm to 8am will go up by 28% and the standing charge on all its smart plans will go up by 5%,” Mr Cassidy said.
“And its EV charge time prices will increase by 30% (for EV Smart Drive) and 20% (for Smart Drive Plus). The standing charges for both EV tariffs will increase by 28%,” he added.
Mr Cassidy said households looking to offset the price increases should compare prices and switch to a cheaper supplier.
This latest Energia price rise follows similar increases announced earlier this week by Bord Gaís Energy, and last week by SSE Airtricity.
The hikes come as wholesale gas prices have doubled compared to this time last year, while wholesale electricity costs for the past six months are up by around 30%.