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Electric Ireland announces electricity and gas price increases

Not good news for the company’s 1.3 million customers, 60,000 of whom also get their gas from Electric Ireland.
Sep 7th 2012, 5:58 PM 5,649 57

ELECTRIC IRELAND CUSTOMERS are facing gas and electricity price rises from the beginning of next month, the company has announced today.

Electricity prices are to increase by 5.9 per cent while gas prices will rise by 8.5 per cent from 1 October in a move that will affect the company’s 1.3 million electricity customers which includes 60,000 who are also gas customers.

This will mean an average price increase of €1.22 per week for the average residential electricity customer, according to the company formerly known as ESB.

In a statement, it blamed the rise in transmission and distribution networks costs and the Public Service Obligation levy which accounts for two-thirds of the overall price increase.

The weak euro and its impact on the price of wholesale energy was to blame for the other third of the increase, the company said.

“We regret that we have to increase our electricity prices at this time.  We are acutely aware of the financial pressures facing our customers and we have done all we can to minimise the increase,” Electric Ireland’s Liam Molloy said.

The announcement comes in the same week that Bord Gáis said that its gas prices are to go up by 8.5 per cent from October for its 400,00 customers.

Read: Bord Gáis gas bills to rise by 8.5pc from October

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Hugh O'Connell

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