Energia is to increase its gas and electricity prices for the second time this year with over 200,000 customers to be hit.
The move will impact around 160,000 electricity customers and 60,000 gas customers.
The supplier is increasing the unit price of its electricity by 33.5% and the unit price of its gas by 47.11% from 7 October.
However it is not increasing its standing charge. This means electricity and gas bills will go up by 29% and 39% respectively if based on average usage according to the supplier.
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The increases will add around €510 a year to the average customer's electricity bill and €520 to their gas bill.
Energia last increased its prices in April, when it upped the price of its gas and electricity by just under 19%.
It also increased its prices three times in 2021.
Commenting on the news, Daragh Cassidy, Head of Communications at bonkers.ie says: “Today’s news was expected given recent price hike announcements from Electric Ireland, SSE Airtricity, Bord Gais Energy and others.
“This brings to an end this cycle of rate hike announcements.
“The question is when the next one begins.
“Unfortunately it’s almost certain all suppliers will raise prices again in a few months unless there is some type of intervention in the energy markets. While it’s hard to believe, only a small part of the increase in the wholesale price of gas has been passed on to consumers so far.
“There is talk about a cap on prices in the UK. However that is going to be hugely expensive for British taxpayers and will cost around €120bn for just one year. If implemented here it would cost over €10bn and would leave the Government with no room for any other type of social welfare measures, public pay increases or tax cuts in the upcoming budget.
“There are no easy answers.
“The upcoming emergency EU energy summit where a reform of the electricity market is on the cards may hopefully yield some more affordable solutions.
“I welcome Energia’s decision not to increase the standing charge for all customers or the night-time electricity rate for those customers on Smart tariffs. If the Government wants to encourage households to use more energy off-peak to help avoid blackouts then energy suppliers really need to offer better incentives (cheaper prices) to do so.”
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