Electric Ireland announces 4 per cent electricity price increase from February 2018

Issued at: 2:30 pm, 6 October 2017

Electric Ireland has today announced that it will increase residential electricity prices by 4 per cent but will defer applying this increase until 1 February 2018, thus protecting customers from the impact of rising energy costs this winter.

Jim Dollard, Executive Director Electric Ireland commented: “Electric Ireland is acutely conscious of the financial pressures facing our customers and we are committed to keeping prices as low as possible for as long as possible. Over the past four years we have passed on all savings as a result of wholesale energy cost reductions and became the first supplier in the Irish market to offer enduring long term savings of up to 8.5 per cent to our residential electricity and gas customers.   Against the backdrop of increasing wholesale energy costs, an electricity price increase is unfortunately now unavoidable.  However, we will absorb those increases over the winter months when electricity usage and bills are at their highest and then apply a 4 per cent price increase from 1 February 2018 ”.

“Given that a number of energy suppliers have recently announced higher price increases which will come into effect over the coming weeks, we believe today’s announcement  will help to provide our customers with some peace of mind about winter bills and underpins our commitment to offering our customers the best long-term value in the market. We can also give added assurance that we have no plans to increase our residential gas prices at this time. ” Jim added.

ENDS/

Editor’s Notes:

  • Electric Ireland will increase electricity prices by 4 per cent from February 2018.  This equates to €2.91 per month (inc 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).
  • Electric Ireland will continue to give a 5 per cent discount to customers who are in most financial hardship through Industry Prepayment meters and via the Household Budget Scheme.
  • Comparison of Irish residential electricity standard prices reflecting recent supplier increases and Electric Ireland’s February 2018 price increase:

Supplier:                Total (inclusive of VAT)

Electric Ireland     - €1,006              
Bord Gáis Energy   - €1,024
SSE Airtricity        - €1,052 
Energia                - €1,056 

Please note these numbers represent an estimated average bill for a typical consumption customer.