Energy regulator backs 22 per cent gas price rise

Bord Gáis had proposed a 28 per cent rise due to the increase in wholesale gas prices this year.

THE COMMISSION FOR Energy Regulation (CER) has proposed that Bord Gáis impose a 22 per cent price increase.

The price hike will be 6 per cent lower than the increase suggested by Bord Gáis itself, which said that a 39 per cent increase in wholesale gas prices this year meant it would have to raise prices by around 28 per cent, the Irish Times reports.

The company must seek approval for any price increase it wishes to apply as it has an 80 per cent share of the residential market, RTÉ reports.

The regulator will now monitor wholesale gas prices and conduct public consultation before making a final decision in August.

CER expressed regret at having to recommend an increase in gas prices, but said that this was “unavoidable” considering the current market conditions, reports the Irish Independent.

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