Electric Ireland has just announced that it is to increase its electricity and gas prices by 6.2% and 8% respectively from 1 August. The increase – the second it has made in six months – adds €56 onto the average annual electricity bill and €55 onto the average annual gas bill.
In February, the supplier increased electricity prices by 4%, or almost €35 per year, but did not increase gas prices at that time. The company says the latest increases are in direct response to sustained increases in wholesale energy prices.
Consumers are now being warned to brace themselves for similar moves from other suppliers.
Eoin Clarke, Managing Director of Switcher.ie, says: “This spells bad news for cash-strapped consumers. Household energy prices rose across the board just last winter, but today’s announcement – which comes hot on the heels of a price hike from SSE Airtricity – suggests that there’s still more to come. People will really start to feel the pinch once these increases begin to bite on their bills.
“Many of us are already stretched to the limit and simply cannot afford to pay through the nose for essentials like gas and electricity. This is why it’s crucial to make sure we’re all paying the lowest rate possible for our household energy, as this will help to soften the impact of any hikes.
“But little over one in ten of us switch energy suppliers each year. If you haven’t already shopped around then we would strongly urge you to do so now. An average dual fuel customer switching from typical standard tariffs to the cheapest deals on the market can save up to €342, 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.”
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 firstname.lastname@example.org
Images for use are available on Flickr here.
Notes to editors
 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.
Broadband customers can conduct a speed test to find out how fast their broadband is and to identify the best broadband provider for their location.
Switcher.ie is owned by Switcher Limited, a privately funded internet-based business focused on consumer engagement and innovation.