Irish households face over €300 energy bill hike as major provider raises prices

Irish households are facing another major blow to their finances as Bord Gáis Energy announces significant increases to its electricity and gas prices from October.

The energy supplier has confirmed that increases to unit rates and standing charges will see a typical electricity customer's annual bill rise by 8.8%, or around €177 a year.

Meanwhile, the typical gas customer will see their annual bill increase by 9.3%, adding approximately €148 a year to household costs.

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It means a household using Bord Gáis Energy for both electricity and gas could face paying around €325 extra over the course of a year as a result of the increases.

The latest price hike will come into effect from October, just as households begin to face increased energy usage during the colder autumn and winter months.

The announcement is the latest in a string of price increases from major energy suppliers in Ireland this year.

SSE Airtricity announced last week that it would increase its electricity and gas prices from October, with the company's typical electricity customer facing an increase of 8.9%, or €171.55 a year.

Its typical gas customer's bill will increase by 9.3%, or €138.70 annually, meaning dual-fuel customers will pay an average of €311.48 more each year.

Other suppliers, including Electric Ireland, Yuno Energy, Flogas and Pinergy, have also announced price increases in recent months as the Irish energy market continues to grapple with higher wholesale costs.

The latest increases come at a particularly difficult time for households, with energy costs once again becoming a major cost-of-living concern.

Recent figures have shown that energy prices in Ireland have risen significantly over the past year, while Irish households continue to face some of the highest electricity costs in Europe.