Consumers are dealt another blow with Flogas Energy reporting its third price hike this year.
Lecture bills are up 17%, and gas bills are up 23% as of October 26.
This is the seventh price hike from Flugas Energy since the beginning of last year, as there were four increases last year.
There is no permanent charge spike this time. Flogas has some of the highest standing charges of €600 per year for electricity.
The supplier has more than 25,000 customers.
Drage Cassidy of price comparison site Bonkers.ie said the latest price increase would add around €340 a year to electricity bills and about €395 to gas bills.
“When all the increases from the beginning of last year are added up, it adds over €1,700 annually to people’s electricity bills and over €1,700 to their gas bills.
Help with next week’s budget can’t come soon enough.”
In the past few weeks there have been price increases of between 20% and 40% from SSE Airtricity, Electric Ireland, PrePayPower, Energia, Community Power and Bord Gáis Energy during the current wave of price hikes.
Since the beginning of 2021, there are about 60 separate announcements of price increases.
This means that the annual cost of electrifying a typical home has doubled to €2,000.
There has been a similar rise in gas costs, with home heating oil prices also doubling, to around €1,280 per 1,000 liters of fuel.
This week, this post revealed that standing charges have gone up by as much as 300 euros, with some energy suppliers charging households 700 euros in flat fees for electricity alone.
Taoiseach Micheal Martin said there is no room for energy companies to exploit the current energy crisis by increasing standing fees for customers.
Flogas Energy said the recent rise was due to the ongoing and unprecedented increases in wholesale gas prices and concomitant increases in wholesale electricity costs.
“Energy cost increases affect all suppliers, and while we are constantly looking for ways to reduce costs for our customers, we have no choice but to increase our prices in the current environment,” said Sean O’Loughlin, Flogas’ general manager.
The gas and electricity supplier said that customers will be affected by the new price hike through its customer service team.
She said it has a range of options, including pay plans, budget, pay and prepaid counters.
“We ask any Flogas customer who is experiencing financial stress over their energy bills to contact us,” O’Loughlin said.
Flogas said it is increasing payments to homeowners and small businesses that use solar panels under the SolarGen Microgeneration scheme to 24c per kilowatt-hour.
She said this is the highest rate available to microgen customers on the market.
Flogas encouraged all customers to ensure they receive a discounted contract, and where they have a smart meter installed, to switch to the Flogas Smart Tariff.