Electric Ireland latest energy supplier to hike prices – electricity prices to increase by 4% from February
On Friday afternoon (6 Oct), Electric Ireland announced it is implementing a 4% increase to its electricity prices for residential customers, from 1 February 2018. According to Electric Ireland, this amounts to a €2.91 per month increase for an average electricity customer, which is almost €35 per year.
Electric Ireland says that the electricity price increase is unavoidable due to the rising wholesale cost of electricity. The latest Vayu Energy report shows wholesale electricity prices are up 28% year-on-year. Electric Ireland says it has no plans to increase residential gas prices at this time.
The announcement comes just a week after SSE Airtricity and Bord Gáis Energy confirmed price rises for their customers from 1 November. An increase of almost €25 per year to the PSO Levy – which all electricity customers must pay – also came into effect last Sunday, 1 October.
Commenting on the announcement, Eoin Clarke, Managing Director of Switcher.ie, says: “This is the third large energy supplier to announce a price increase in the last week, so the other suppliers are probably not far behind. The fact that the rise is not coming into effect until 1 February will be welcomed by Electric Ireland customers who are worried about the rising cost of energy as winter sets in. However, any increase is still bad news, especially as a quarter of consumers (27%) say their energy bill already puts them under financial pressure.
“According to the Commission for Regulation of Utilities, only about 15% of us switch energy supplier each year, which means most of us are on standard energy tariffs. If you haven’t switched in over a year, we would encourage you to take some time to review the deals that are out there – the market is highly competitive so there are huge savings to be made by switching. All suppliers use the same cables to supply electricity to your home, so you don’t need to worry about any loss in service, and you could save up to €324 by switching from typical standard tariffs to the cheapest deals on the market.”
Switching is straightforward and free. Use Switcher.ie’s free gas and electricity comparison tool to get started – comparing deals and making a switch only takes around 5 minutes.
For more information, visit Switcher.ie
For further information please contact:
Maeve McLaughlin, Switcher.ie on 01 517 5922/087 133 2526 or email@example.com
Images for use are available on Flickr here.
Notes to editors
 Source: Vayu Energy – September 2017 report
 Source: Switcher.ie – CER confirms PSO Levy to increase by 30%
 Research was carried out for Switcher.ie by Coyne Research, involving 1,000 online interviews with Irish adults aged 18+years. The total sample is representative of the national population in Ireland. In response to the question: ”Thinking of your household bills for each of the following, which would you say puts you under any financial pressure when it comes to paying?”
 Source: Switcher.ie – How does Switcher calculate its savings messages?
Switcher.ie launched in January 2013, with the aim of offering consumers free, independent and impartial price comparison and switching services for gas, electricity, home broadband and digital television. Switcher.ie aims to make it easier for Irish households to compare prices, save money on their regular bills, get the best deals on offer and make their hard-earned money go that bit further. Switcher.ie is accredited by the Commission for Regulation of Utilities as an impartial, accurate and independent supplier of domestic energy price comparisons and is a member of Guaranteed Irish.
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Switcher.ie is owned by Switcher Limited, a privately funded internet-based business focused on consumer engagement and innovation.