As expected, Electric Ireland residential electricity prices are on the up, and from May 1 2022 consumers will face an increase of 23.4%, with gas prices up 24.8%.
This translates to €24.80/month on an average residential electricity bill and €18.35/month on an average residential gas bill – based on the estimated annual bill as defined by the Commission for Regulation of Utilities (CRU).
The company’s executive director, Marguerite Sayers, says that “We delayed the increase as long as we could in the hope that wholesale prices would drop back to early 2021 levels, but regrettably this has not happened. We know that this is unwelcome news, but international gas prices are beyond our control and have a huge impact on our costs.”
Electric Ireland attributes the increases to the unprecedented and sustained volatility of wholesale gas prices over the last year.
The company have advised that support mechanisms are in place for those with ongoing financial challenges. These include flexible payment plans; payment holidays; pay-as-you-go (PAYG) meters, in addition to smart meter tariffs and energy-saving advice.
Electric Ireland states that support can also be provided through its long-standing partnerships with organisations such as the Money Advice and Budgeting Service (MABS) and the Society of St. Vincent de Paul (SVP), and by utilising its €2 million customer hardship fund.