Electric Ireland to raise NI electricity prices by 30%

The company said the price increase is due to an unprecedented global increase in wholesale energy costs

Electric Ireland has announced it will increase its prices by 30% from 1 May.

The company, which is Northern Ireland's third largest supplier, said the increase would mean a weekly increase of approximately £4.21 on an average residential electricity bill.

It has about 103,000 customers in Northern Ireland.

Electric Ireland said the move was due to "continued market volatility and unprecedented increases in wholesale energy costs".

It is the first tariff change announcement of 2022, but the fourth change since August 2021.

'Forced increase' due to world events

The company announced a 10% price increase in August 2021, a 3.7% increase in February 2021, and a 13.5% in November 2021.

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Derek Hynes, from Electric Ireland, said: "With world events continuing to impact on global wholesale energy prices, we have unfortunately been forced today to announce a price increase for residential customers.

"We would like to assure our customers we will continue to work and engage with you during this uncertain time".

The typical credit meter and keypad (PAYG) customers will see their bills rise by around £219 per year.

Raymond Gormley, head of energy policy at the Consumer Council, said the news would have an adverse impact on customers who are "already experiencing financial pressures on their household budget especially with the cost of living crisis that we are experiencing."

He said the typical credit meter and keypad (PAYG) customers will see their bills rise by about £219 per year.

'With us for the foreseeable future'

"Consumers who are struggling with their energy bills should contact their supplier directly for help and information," he said.

He said options for consumers to reduce bills included switching payment option, changing their billing method or switching supplier.

He added that the Consumer Council would continue to work with all involved in the energy industry to help support the "ever growing number of people in need as the problem of high energy prices will likely be with us for the foreseeable future."

Wednesday's announcement is the latest increase by energy companies as wholesale prices continue to rise.