Due to unprecedented increases in international energy market prices and their impact on wholesale gas prices, Electric Ireland on 1st September 2022 has announced plans to increase residential electricity bills by 26.7 percent and gas bills by 37.5 percent with effect from 1st October 2022.
The increases equate to €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill, based on the estimated annual bill as defined by the Commission for Regulation of Utilities (CRU).
increase electricity bills
Commenting on the announcement, Pat Fenlon, Executive Director, Electric Ireland said, “This continues to be a very challenging time for customers, and an unprecedented time in the energy industry with increases to wholesale gas prices over 700% over the last 12 months and 200% since June 2022 alone."
He continued, "It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas. To put that into context, this time last year wholesale gas prices for winter were circa. GBP£1.15 per therm, and as of last week, this winter’s prices were circa. GBP£7.70 per therm."
manageable payment plan
"We realize these price increases will be difficult for many customers to absorb and we are committed to helping our customers during these difficult times. We encourage any customer having difficulty paying bills to engage with us and we will work with them to agree on a manageable payment plan."
"In addition, our €3 million Electric Ireland Hardship Fund is available and will be administered on our behalf by our partners SVP (Society of St Vincent de Paul) and MABS (Money Advice and Budgeting Service).” Electric Ireland offers a range of solutions to help customers with financial challenges including flexible payment plans, payment holidays, PAYG meters, energy use insights from their Smart Meter along with energy saving tips and advice available online.