PrepayPower to Increase Electricity Prices by 8.8%, Gas by 10.6% for 240,000 Customers

PrepayPower will increase electricity prices by 8.8% and gas prices by 10.6% for its 180,000 electricity and 60,000 gas customers starting next month. This marks the provider's first price increase in three and a half years.

The company attributes the hikes to rising wholesale energy costs, exacerbated by the conflict in the Middle East. An average household will see an additional €3.23 per week for electricity and €3.28 for gas, totaling nearly €168 extra annually for electricity and €170 for gas.

Daragh Cassidy from bonkers.ie noted that the increase is not surprising, as most suppliers raised prices last autumn. PrepayPower, Yuno Energy, and Electric Ireland had previously frozen prices, making them about 20% cheaper. Cassidy anticipates Electric Ireland, with 1.1 million customers, will announce a similar electricity price hike soon. He also expects other suppliers to follow with gas price increases due to wholesale gas prices being 40% to 50% higher since the Iran war began and three times pre-Ukraine war levels.

PrepayPower Managing Director Eric Mullane stated the company worked to protect customers but could not hold out indefinitely against sharply rising wholesale energy costs.