Rising Energy Prices

28th July, 2011 title

DAVID TENNYSON AND JOE WILLIAMS of Irish Energy News reports that Bord Gais, one of Irelands biggest gas and electricity suppliers has announced that it will be increasing electricity prices by 12% from the 1st of August 2011.

Jason Scagell, Managing Director of Retail and Trading, Bord Gáis Energy, said: “We recognise the strain that households are under at the moment and we have done our utmost to limit the overall price increase to 12% despite much higher increases in international wholesale prices.”

“The prices paid by Irish customers are intrinsically linked to international wholesale prices and with the markets signaling the prospect of higher winter prices, residential price increases have unfortunately become unavoidable.”

Bord Gais also plans to increase its domestic gas prices from the 1st October 2011, pending an approval from the Commission for Energy Regulation.

Energy experts now predict that other major competitors such as ESB and Airtricity will also follow Bord Gais in the price hike. Flogas, a domestic gas supplier, has already increased its standing charge price by 40% and is reviewing the unit cost of gas. The standing charge is the fixed amount of money that consumers pay for being provided with gas or electricity. Flogas has, however, insisted that even if they increase their gas prices, it will still aim to remain cheaper than Bord Gais.

As far as Irish Energy News is concerned, this is yet another incentive for customers to shop around and look for a energy supplier which suits them.

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