Hot on the heels of Prepaypower and Electric Ireland, who increased electricity prices at the start of October, a further four energy suppliers have announced that are increasing prices from 1st November.
These latest increases, coming at a time of year when we use more energy in the home, will be unwelcome news for consumers especially as many of us are spending more time at home due to Covid-19. And as a further sucker punch the 130% increase in the PSO levy, which is charged on all electricity bills, and adds around €50 to electricity bills also kicked in from 1st October.
What are the latest Price Increases?
The four suppliers to announce price increases to their electricity tariffs are BE Energy, Glowpower, Iberdrola, Pinergy. For these suppliers all increases will kick in from 1st November. All suppliers have stated the reason for prices going up is down to increased network and system costs that they face to operate in the market.
Further detail on each of the suppliers’ increases is set out below.
BE Energy, who were purchased by Flogas earlier this year in May, have announced they will be increasing electricity prices by 2.15% from 1st November. This will mean an increase of €1.61 per month or around €19 per year to the average annual electricity bill.
The price increase will only impact upon customers who are on a variable (or standard) rate tariff. Customers who signed up to a BE Energy Fixed rate deal will not be affected as the rate they signed up to will be fixed until the contract term comes to an end.
Glowpower is one of the most recent suppliers to enter the Irish electricity market, having started to supply customers in late 2019. They offer both 1 year and 2-year deals with a range of discounts off their standard rate.
As with other suppliers Glowpower are stating that they have to push up prices due to increasing network costs they face in the distribution and supply of electricity. Glowpower will be increasing prices by 4.8% from the 1st November 2020 and there will be no change to its standing charges.
Iberdrola, who supplied electricity from green sources, is also set to increase prices from 1st November.
Prices will increase by 3.4%, which will add €2.86 on to the average monthly household electricity bill. And the good news for gas customers or customers on dual fuel deals with Iberdrola is that gas tariff rates will not be increasing – they remain unchanged.
This is the first price increase Iberrdrola have introduced since they entered the Irish market in June 2019. And existing discounts on discounted or renewal electricity tariffs will continue to apply.
Iberdrola also confirm that they will never default our customers to a standard tariff at the point of renewal – instead they move to Iberdrola’s renewal tariff, which automatically gives them a nine per cent discount.
Pinergy, has announced it is increasing its standard residential energy prices from 1st November.
The change will result in a unit rate price increase of 2.7%. For a typical household this will amount to around a €28 increase in their annual bill based on typical consumption and standard tariff rate. The increase follows Pinergy’s price decrease earlier in the year of 2.6% in June.
Pinergy’s new 24hr standard rate will be 18.88c (exc. VAT) per kWh, while its daytime and night-time standard rates will become 19.64c and 11.20c (exc. VAT) per kWh respectively.
What does this mean for Energy Customers?
Price changes do tend to come in waves…with a competitive market it’s not surprising to see suppliers change prices and often react to what their competitors are doing.
The general increase of electricity prices will mean higher bills, but the fact is you can save by switching. In fact, you could save up to €300 by switching electricity supplier – much more than the value of any price increase!!!
Don’t overpay – cut energy bills now
If you have never switched or it’s been a while you will save by switching electricity supplier.
With these latest price rises coming at a time of year when energy use in the home increases its important to switch to make sure your bills don’t spike as well.
At ‘Power to Switch’ we compare all tariffs, deals and offers across all suppliers to make sure you find the best deal. Switching is quick, hassle-free and means you keep more money in your pocket. You don’t even have to tell your old supplier you are leaving!!!