Electric Ireland announce unit price increase of 38% for electricity & 47% for gas

Electric Ireland has announced its fifth price hike since the start of 2021 with electricity unit prices going up 38% and gas by 47%.

One million customers will be hit when the increases take effect on October 1st.

The company says this means the average electricity bills will go up by about 26.7%, while gas bills are estimated to be increasing 37.5% – adding about €500 to each of the average family’s annual costs.

The Government says it is looking at a windfall tax on energy company’s profits, however it’s understood that there’s opposition from Fine Gael who believe it may deter investment.

The European Commission says it is looking at interventions as energy prices around Europe sky-rocket.