Electricity and gas prices rise from today

A NUMBER OF utility price increases will begin this month, with consumers facing additional gas and electric costs.

Electric Ireland previously announced that its rates will increase by more than 20%, with that increase starting on May 1.

Residential Electric Ireland’s electricity prices are forecast to increase by 23.4%, which will equate to an additional €297.58 per year above the average cost of electricity.

Supplier gas prices are also expected to increase by 24.8%, which equates to an additional €220.25 per year to the average cost of gas.

Similar price increases from SSE Airtricity are also triggered from Roday, with electricity bills rising 24% and gas prices rising 32.3%.

The increase in electricity is equivalent to a jump of €338 per year and the increase in gas to an average of €332 per year.

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The increases come as Eurostat records an overall rise in consumer prices in Ireland at 6.9% a year, with utility costs the biggest factor in that rise.

The contentious increase in the Carbon Tax also begins today as part of the legislated gradual increase in collection.

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The Program for the Government foresees a ten-year trajectory for carbon tax increases to reach €100 per tonne or carbon dioxide by 2030. The carbon tax is a charge that applies to fuels that emit a lot of carbon, such as coal, peat, oil and natural gas.

As of today, it is expected to increase next month from €33.50 to €41.00 per tonne.

It is estimated that it will add about €20 to the cost of filling a heating oil tank and €1.50 per month to the gas bill.

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