Flogas Energy is increasing its residential electricity prices by 27 per cent and gas by 29 per cent.
The rise in prices will take effect from May 7th and will apply to unit rates and standard charges.
The company says the increase is down to the unprecedented and sustained rise in wholesale gas prices and the associated rise in wholesale electricity costs.
They said wholesale costs have continually increased in the last 12 months.
The escalating geo-political situation is adding to the pressures already existing in the Irish and European energy markets. Prices are remaining high and increasingly volatile, with little sign of improvement in the medium term.
Paul Kenny, general manager, Flogas Energy said: “All Irish energy suppliers are being faced with the same rising wholesale cost increases.
"While we have worked hard to minimise and delay price changes during the winter months, we now regrettably need to reflect the increased costs in our prices. We are contacting our customers to advise of the change and give advice and support on how to reduce their costs into the future.”
They are encouraging all their Smart Meter customers to make the switch to a “Time of Use” electricity Smart price-plan.
Flogas Smart price-plans allow customers to make an immediate saving on their energy costs and standing charges by adjusting the times where they use electricity in the home
“We want to help our customers take more control over their energy use. Almost half of our customers have a smart meter installed, and we are encouraging them to switch to a smart meter tariff that can deliver considerable savings. Switching is easy, it only takes a few minutes, has cost savings, and eliminates estimated bills,” Kenny said.
Flogas will be launching a range of Smart home energy controls, as well as Solar PV and battery storage solutions in the coming months.
