Two energy companies raise prices ‘and more will follow’

Customers who get electricity from SSE Airtricity are facing a price rise from the start of November. The move will see bills rise by almost €50 a year.

The company said the 5.6pc rise was due to the recently announced increases in regulated networks charges, combined with an extended period of rising wholesale energy costs.

Bord Gáis Energy said its electricity prices are going up by 5.9pc and gas bills by 3.4pc from November 1. This will mean the average electricity bill will rise by €57 a year, with typical gas bills rising by €25 a year.

Wholesale gas and electricity prices have begun to rise. However, consumer groups said energy companies cut their prices by only tiny amounts when wholesale energy costs were at record lows over the last few years. SSE Airtricity said the price increase was the first in four years and meant a typical household customer would pay less than 90c more per week for their electricity.

The latest rise comes as the levy on all electricity bills is due to rise tomorrow. The public service obligation levy rises by €25 to €104.50 a year on every household’s bill.

Eoin Clarke of price comparison site Bonkers.ie warned consumers that more rises were on the way.

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