Electric Ireland announces electricity price increase from October 1st

  • Electric Ireland announces a 3.4% increase on electricity bills, which equates to an increase of approximately €2.88 per month on the average residential electricity bill
  • The rise in energy price is due to recent costs impacting the broader electricity system and market
  • Electric Ireland will freeze gas prices ensuring that the 11.5% decrease from April 1st stays in effect for the winter months

Issued at: 2pm, September 1st, 2020

Electric Ireland has today (Tuesday, September 1st) announced that due to recent costs impacting the broader electricity system and market, it will increase the average residential electricity bill by 3.4% from October 1st, 2020. This will equate to an increase of €2.88 per month on the average residential electricity bill.

Electric Ireland also announced that it is freezing gas prices this winter to help residential gas customers during the higher usage months. This will maintain the 11.5% decrease announced in April 2020 for its gas customers.

Marguerite Sayers, Executive Director, Electric Ireland commented:

“At Electric Ireland, we always try to offer our customers a very competitive rate by keeping our standard rate as low as possible. In April, we reduced energy bills for gas and electricity customers by circa €100 annually because fuel costs were falling at that time. Unfortunately, due to other electricity system and market costs outside of our control, we now have to increase our electricity prices from October 1st. This will mean an increase of €2.88 per month on the average residential electricity bill. 

She continued:

“On a positive note however, we are freezing gas prices through the winter period as we have done in previous years. Gas prices were already reduced by 11.5 per cent in April, which means a continued reduction of €78 on an average annual gas bill. We also have one of the lowest standard rates in the market for electricity and gas which we automatically apply for all our customers. In addition, we remain the only Irish supplier to offer an enduring discount rate of up to 8.5% for gas and electricity, a discount that does not disappear after a year. This protects customers from price shock at the end of a contract period and benefits large numbers of loyal Electric Ireland customers, rather than just offering discounts to new customers which is a typical approach in the market.”

Electric Ireland also continues to offer a 5% discount to customers experiencing financial hardship through industry pre-payment meters and through the Household Budget Scheme.

For ways to reduce energy bills see our energy saving tips on Brighter Together hub at: www.electricireland.ie/brightertogether

Ends.

 

For media enquiries to:

ESB Press Office, T: 087-9536640

 

Editor’s notes:

  • Electric Ireland will increase the average residential electricity bill by 3.4% from October 1st, 2020.  This equates to €34.58 per annum or €2.88 per month (inclusive of VAT) and is based on the typical residential electricity customer with an electricity usage of 4,200 kWh per annum, as defined by the Commission for Regulation of Utilities (CRU). This is also the equivalent of a 3.6% increase in electricity unit rate and standing charge.