Thousands of Irish households are facing an increase in their electricity prices from next month.
Energy provider Prepay Power has announced their unit rate of electricity will be rising by 9.9% from December 1. According to the company, this will result in a €3.89 weekly cost increase for a typical customer, or €202.28 per year.
The move will impact an estimated 170,000 households. Prepay Power said there is no change to their gas prices at this time and no further increases in gas or electricity costs are expected this winter.
Read more: Social welfare Ireland: 170,000 Dublin households to receive double payment today
A spokesman for the company said: "While we are pleased to be able to hold gas prices at current levels as a result of our extensive hedging operations, unfortunately, even though there is some volatility on spot prices at present, the fact remains that longer term wholesale electricity and gas prices are 4 times their historic norms.
"That has left us with no option but to increase prices for our electricity customers. However it is important to note that after this increase, we will continue to have the lowest standard unit rate for electricity and gas of any operator in the market in Ireland as we have kept successive price increases as low as possible. We also believe that this will be the last increase necessary for Winter ‘22."
Prepay Power increased gas prices by 29% and electricity prices by 19% last month.
Read next:
- PUP recipients could face paying up to €2,500 in back tax
- The four bonus payments all due during the same week in November
- Parents paying for children's college rent to receive €500 tax credit
- Government approves auto pension scheme set to assist 750,000 workers
- Six lump sum payments people will receive in November
