Bord Gáis to hike up electricity prices by 34% – the FIFTH increase since last year

The company is pushing through some of the highest rises seen in this market.

Bord Gáis Energy raising electricity prices by 34pc from October 2.

This will add €579 a year to the average annual electricity bill.

Gas is going up 39pc, adding €525 a year to the cost of that fuel for households.

The company is not increasing the standing charge this time.

When it increased its standing charge earlier this year the Consumers Association accused it of profiting from the invasion of Ukraine. The company denied the charge.

It said a big rise in wholesale energy costs, which account for majority of customer bills, was the reason for the latest rise.

This is the second time Bord Gáis has increased electricity and gas prices this year.

It increased electricity prices three times last year, and gas twice.

When all increases are taken into account households are looking at paying over €1,300 more for their electricity and over €1,100 for their gas.

This is the fifth price hike announcement from an energy supplier in less than a week following hikes by SSE Airtricity, Community Power, PrepayPower, and Electric Ireland.

The latest rise comes on the back of the skyrocketing cost of gas on wholesale markets which is up around 1,000% compared with the start of last year. Though it has fallen slightly in recent days.

Daragh Cassidy of Bonkers.ie said: “To say these are unprecedented times is an understatement. Price increases of this frequency and this magnitude are clearly unsustainable.

“However, today’s news was expected given yesterday’s announcement from Electric Ireland. The small comfort is that both suppliers didn’t increase their standing charges.”

Mr Cassidy said we heading into winter with gas and electricity prices at absolutely astronomical levels. And it will get even worse.

“The average gas and electricity bill is now around €4,000. That’s close to the UK price cap of £3,549.

Managing director of Bord Gáis Energy Dave Kirwan said: “There is no precedent for the current energy crisis and consumers and businesses across the globe are grappling with very challenging increases in the cost of living.

“We deeply regret having to raise our prices but the scale of increases in wholesale energy costs leaves us with no choice.”

He said the British-owned company would continue to do everything it can to reduce the impact on our customers and keep our rates as competitive as possible.

“We are also pledging 10% of our operating profits to our Energy Support Fund to help customers of ours who simply can’t afford to pay for energy this winter.”