Electric Ireland to increase electricity and gas prices

Electric Ireland has announced its electricity and gas prices for residential customers will increase from next month.

The company said residential gas prices will jump by 29.2% while electricity bills will go up by 10.9%.

The increase will be applied to bills from August 1.

The Executive Director of Electric Ireland, Suzanne Ward, said the news today was “unwelcome” and they had delayed it as long as they could.

“Unfortunately, the situation in Eastern Europe and a reduction in the reliability of gas flows has resulted in sustained higher energy costs throughout Europe,” Ms Ward said.

“We have seen a very substantial increase in the cost of wholesale gas, which in turn, impacts both our gas and electricity prices,” she added.

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