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 increase.

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

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 rise 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.