Yuno Energy and Electric Ireland Increase Electricity Prices by 9.5-11% and 8% from July 1
Yuno Energy and Electric Ireland are raising electricity prices by 9.5-11% and 8% respectively from July 1, impacting over 1.2 million Irish households with an extra €250-€300 annually. Despite these hikes, switching providers can save consumers over 10%, a practice over 70% of consumers neglect.
Yuno Energy will increase domestic electricity prices by 9.5-11% from July 1. This follows Electric Ireland's announcement of an 8% increase for electricity customers and 7.7% for gas customers.
These increases will cost over 1.2 million Irish households an additional €250-€300 over the next 12 months. Other major providers in the Republic raised prices last autumn, but Electric Ireland and Yuno had not, with Electric Ireland even cutting gas costs slightly. The war in the Middle East contributed to these recent price hikes.
Despite these increases, Electric Ireland remains competitively priced. This suggests that other providers like Energia, SSE Airtricity, Flogas, and Bord Gáis Energy might maintain current prices. Brent Crude prices dropped below $90 on Friday due to US-Iran deal talks, down from nearly $120 during the crisis peak.
If other companies follow suit, consumers can still save over 10% annually, or more than €300, by switching providers every 12 months. However, over 70% of consumers rarely or never switch, paying more than necessary. The government should emphasize the benefits of switching.