Energia's announced its second price increase this year.
Electricity prices will rise by 29%, while gas bills will go up on average by 39%.
⚡️ Energia hiking prices again this year.
Electric bills increasing by 29% and gas going up by 39%.
It comes in from October 7th.
⬇️ Energia’s last price rise ⬇️ https://t.co/yErqVR2eGR
— Ben Finnegan (@_BenFinnegan) September 7, 2022
The change will come in from October 7th.
The increases will add around €510 a year to the average customer's electricity bill and €520 to their gas bill.
Darragh Cassidy from Bonkers.ie says this cycle of price hikes seems to have ended:
“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 €10 billion 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."
