Farm families will see their energy bills increase from tomorrow (Saturday, October 1), following announcements from a number of large, utility companies.

Electric Ireland will increase residential energy bills by 26.7% and residential gas bills by 37.5% from the beginning of the month, following “unprecedented increases in wholesale gas prices in excess of 700%”.

The increases will equate to roughly an extra €37.20 a month on the average household electricity bill and approximately an extra €42.99 on the average household gas bill.

In a similar fashion, SSE Airtricity has also said that it will increase prices for its customers on this date. Its customers will see their electricity bill rise by at least 35% while their gas bill will increase by 39%.

Prepay Power customers will face similar hikes in their bills too, the provider is to increase electricity and gas bills by 19% and 29% respectively. These increases will come into effect tomorrow.

Customers of Bord Gáis Energy will begin to see increases in their bills a day later on Sunday, October 2, when the utility company will raise its electricity prices by 34% or approximately €48.25, and gas prices by 39% or about €43.80.

‘Forced to increase prices’

All of the providers stated that move to increase their prices follows sharp rises in the wholesale energy costs due to reduced supplies from Russia, military action in Ukraine and low storage levels.

In a statement, Bord Gáis Energy said:

“Faced with record increases in wholesale energy costs, Bord Gáis Energy is forced to increase the price it charges customers for gas and electricity.”

Meanwhile, Electric Ireland stated that wholesale prices of gas have increased by more than 200% since June 2022 alone. Executive director Pat Fenlon said:

“We realise these price increases will be difficult for many customers to absorb and we encourage any customer having difficulty in paying energy bills to engage with us and we will work with them to agree a manageable payment plan.”

In response to the ongoing energy crisis, the government announced electricity credits of €600 for every household as part of Budget 2023. The credits will be paid in three installments of €200, the first of which will be paid before Christmas.

Meanwhile, EU energy ministers reached an agreement this morning to address high prices with common measures that will reduce electricity demand, and collect then redistribute the sector’s surplus revenues to final customers.