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Tuesday, August 16, 2022

Flowgas announces 6th price hike for homes in last one year

Flowgas Energy will have another price hike from the middle of next month to impress its customers.

The energy provider said it will increase average residential electricity bills by 8.1 percent from August 19.

This would add approximately €163 to the annual cost of electricity for a typical household.

Since the same date, gas bills are increasing by 19.8 percent.

The typical domestic gas bill would be €363 more expensive a year.

This is the second increase in flowgas prices this year.

From August, FlowGas customers will pay up to €2,600 per year for their electricity.

Its gas customers will face typical annual bills of €2,460.

What Flogas said was blamed on the continued and unprecedented rise in wholesale gas prices and the associated increase in the cost of bulk electricity.

The company had announced four price hikes last year, the last being double-digit hikes in electricity and gas prices in November.

This fifth increase means electricity and gas prices from this provider have gone up about 70 percent this year, as the energy crisis intensifies.

Flogas said the conflict in Eastern Europe is creating significant uncertainty around the reliability of gas flows, adding to the current pressure on prices in European energy markets.

Wholesale prices are expected to rise further in the winter months and remain volatile with little sign of improvement in the medium term.

Paul Kenney, general manager of Flogas, said: “As energy customers ourselves, we are deeply aware of the impact of rising costs on Irish households.

“The rise in energy costs is affecting all suppliers and while we are constantly looking for ways to keep our costs down, we have no choice but to raise our rates in the current environment.”
Mr Kenny said the company will support affected customers as much as possible, although their customer service teams have a variety of support options, including payment plans, budget payment options and pre-payment meters.

“We would ask any of our customers who are facing financial pressure around their energy bills,” Mr. Kenny said.

Next month more than one million households with Electric Ireland accounts will face the fourth increase in electricity and gas prices in a year.

The ESB-owned energy supplier is raising electricity prices by 11 percent and gas prices by 29 percent in August.

This is the second in Electric Ireland prices this year and the fourth since last year.

The latest move would add €164 a year to the cost of electricity for its 1.1 million customers.

The state-owned company would have seen a 67 percent increase in electricity prices since the latest hike would take effect.

World Nation News Desk
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