Energy firm to impose third hike this year in move that will hit households hard
- Sep 1, 2021 3:57 pm GMT
ANOTHER energy retailer is to increase its prices in a move that is set to mean a massive rise in the cost of heating and lighting homes this winter.
It is the third time this year the Spanish energy giant has increased prices in this market.
The combined increases will see average household energy bills for those getting electricity from
It comes as a string of energy companies have raised prices, with a number of them imposing three hikes this year.
Iberdrola’s electricity prices are going up by 17.5pc from
Gas prices are rising by 18pc, adding €154 to household bills.
This means the average annual electricity bill for
The Spanish company, which owns
The supplier said customers on discounted tariffs will continue to receive their current level of discount, including discounts for paying by direct debit and signing up for paperless billing.
“While we always try to keep prices as low as possible, we’ve seen rocketing wholesale energy prices in recent months. As a result, we need to amend our prices to reflect these rising costs,” said head of Iberdrola Ireland Sean O’Loughlin.
So far this year four energy retailers have increased their prices three times –
All the main energy retailers have increased their prices this year, with
Last month Electric Ireland and Bord Gáis Energy were among those imposing rises on consumers.
He said rapidly increasing prices in the wholesale cost of energy are being passed on to consumers, coupled with a lack of electricity output due to power plants being down.
Two major gas-fired power plants are currently shut down for maintenance, prompting the intensive use of the coal-fired Moneypoint plant.
“However, price increases of this magnitude and frequency are unsustainable. And coupled with recent concerns about potential power outages and pressure demands on the grid, questions need to be asked about how the market is being managed,” said
He said those concerned about rising energy prices should instead look at switching supplier to save money.
No discussions yet. Start a discussion below.
Get Published - Build a Following
The Energy Central Power Industry Network is based on one core idea - power industry professionals helping each other and advancing the industry by sharing and learning from each other.
If you have an experience or insight to share or have learned something from a conference or seminar, your peers and colleagues on Energy Central want to hear about it. It's also easy to share a link to an article you've liked or an industry resource that you think would be helpful.