Electric Ireland has announced plans to significantly increase residential electricity prices by 23.4% and gas prices by 24.8% with effect from May 1, 2022.
The increase will equate to €24.80/month on the average residential electricity bill and €18.35/month on the average residential gas bill, based on the estimated annual bill as defined by the Commission for Regulation of Utilities (CRU).
Marguerite Sayers, executive director, Electric Ireland said the company is acutely aware that the rising cost of living is causing difficulty for households but explained that the “unprecedented and sustained volatility of wholesale gas prices over the last 12 months” means they have to increase their prices.
“We delayed the increase as long as we could in the hope that wholesale prices would drop back to early 2021 levels, but regrettably this has not happened,” she said.
She added:
“Electric Ireland had the lowest cumulative price rises in the past 12 months. We continue to deliver the best value we can and will maintain one of the lowest standard rates in the market, even after this increase.
“We know that this is unwelcome news, but international gas prices are beyond our control and have a huge impact on our costs.”
She said the company is committed to helping customers who experience financial difficulty and encourages any customer in such difficulty to engage with them so that a manageable payment plan can be put in place.
Supports that are available for customers with financial challenges include:
- Flexible payment plans;
- Payment holidays;
- Pay-as-you-go (PAYG) meters, in addition to smart meter tariffs and energy-saving advice.
Electric Ireland said it can also provide support through its long-standing partnerships with organisations such as the Money Advice and Budgeting Service (MABS) and the Society of St. Vincent de Paul (SVP), and by utilising its €2 million customer hardship fund, established during the pandemic.