BORD GÁIS ENERGY has confirmed it will increase residential electricity prices by 12 per cent from the beginning of next month.
The company said the increase, which it’s believed will add around €120 to the average annual bill, was down to rising energy costs on the world markets. The price hike was widely predicted earlier this week but at the time a Bord Gáis spokesperson insisted the reports were “speculative”.
Company executive Jason Scagell said in a statement the company had done its “utmost” to limit the increase to 12 per cent, saying wholesale electricity costs have risen by more than 20 per cent since the last pricing change in 2009. “We recognise the strain that households are under at the moment,” he said, but added:
The prices paid by Irish customers are intrinsically linked to international wholesale prices and with the markets signaling the prospect of higher winter prices, residential price increases have unfortunately become unavoidable.
Mr Scagell also confirmed that Bord Gáis is seeking approval from the Commission for Energy Regulation to increase residential gas prices from October. He told RTE radio this morning that the increase was likely to be “around the midpoint” between 20 and 30 per cent.
Personal finance expert Simon Moynihan told the Irish Independent it was now “inevitable” that rival energy suppliers Airtricity and ESB would raise their prices in line with Bord Gáis.
Read more: Bord Gáis to announce large hikes in electricity and gas prices >
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