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Friday, January 21, 2022

Flogas to further increase electricity and gas prices

Energy supplier Flogas has announced that it will be further increasing its gas and electricity prices for residential customers.

The price increase, which will take effect from November 20th, will be a 19% increase in its standard rate and standing charges for electricity with a 26% increase in natural gas unit rates and standard charges.

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This translates to a €5.59 weekly increase (including VAT) for gas and a €5.95 increase for electricity, also including VAT.

The supplier announced the price hikes after months of high wholesale energy prices as well as market supply cost issues that are exclusive to Ireland.

The demand for electricity combined with outages in thermal generation plants has placed significant increasing pressure on energy supply costs.

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General Manager at Flogas Energy Paul Kenny stated that while its “prudent” hedging policy has helped prevent costs from increasing even higher, future supply costs have increased by 56% in just one month.

“We sincerely regret having to make further increases in our prices but unfortunately it remains difficult to forecast any significant improvements in the medium term.”

Since the start of the year, there have been over 30 price hike announcements from Irish energy suppliers, with some of these suppliers raising their prices more than once.

IMAGE – “Minister for Communications, Energy and Natural Resources Eamon Ryan” by The Green Party / Comhaontas Glas is licensed under CC BY-ND 2.0/PxHere

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