MORE than a million households with Electric Ireland bills will be hit by a fourth rise in electricity and gas prices in a year.
the energy supplier owned by ESB raises electricity prices in August by 11 pct. and gas prices by 29 pct.
This is the second Electric Ireland price increase this year, and the fourth since last year.
The latest move will add € 164 a year to the cost of electricity for its 1.1 million customers.
Electricity prices at the state-owned company will have risen cumulatively by 67% since the year the latest increase takes effect.
Gas costs will be € 350 more per year after the latest increase.
Electric Ireland gas prices will have risen by 93pc when the new increase is implemented.
It has about 145,000 guest customers.
There were also increases in April this year, and November and August last year.
The company blames a rise of 400 pct. in the cost of wholesale gas for the repeated price increases.
Continued disruption in the geopolitical landscape is said to continue to drive unprecedented price escalation in wholesale gas costs.
Electric Ireland said it had pledged € 3 million for a new hardship fund to support its customers.
The company also maintained it has the lowest standard unit rate for electricity in the market.
Suzanne Ward, interim CEO of Electric Ireland, said: “We understand this price increase is unwelcome news for our customers.
“We have postponed this increase for as long as we could, but unfortunately the situation in Eastern Europe and a reduction in the reliability of gas flow have led to sustained higher energy costs throughout Europe.
“We have seen a very significant increase in the cost of wholesale gas, which in turn affects both our gas and electricity prices.”
Head of Communications at Bonkers.ie price comparison website Daragh Cassidy said the new rise announcement is expected.
“Given the size of Electric Ireland, it will be felt badly by many households across the country. We are entering next winter with gas and electricity prices at absolutely astronomical levels. And it can get even worse. ”