Irish utility Electric Ireland has announced it will raise electricity prices by 26.7% and gas prices by 37.5% for residential bills in the Republic of Ireland, starting 1 October 2022. In addition, electricity prices will rise 29% in Northern Ireland (UK).
In the Republic of Ireland, the increases equate to €37.20 per month on the average residential electricity bill and €42.99 per month on the average residential gas bill, based on the estimated annual bill as defined by Ireland’s Commission for Regulation of Utilities. In Northern Ireland, the increases equate to around £5.29 (€6.1) per week on the average residential electricity bill.
From October, the 24 hour standard rate for electricity in the Republic of Ireland will stand at €43c/kWh (including VAT) and the gas standard rate will stand at €15c/kWh.
This decision comes only days after Irish energy company SSE Airtricity also decided to hike electricity and gas prices, with the average electricity bill rising by 35.4% and gas by 39%.