Prepay Power Increases Electricity by 8.8%, Gas by 10.6% for 180,000 Customers

Prepay Power, an Irish energy supplier, announced price increases for electricity and gas, effective next month. This marks the first such hike in over three years for the company, which serves approximately 180,000 electricity customers and 60,000 gas customers.

Electricity prices will rise by 8.8 per cent, adding around €168 to the average annual bill. Gas prices will increase by 10.6 per cent, adding about €171 to the average annual bill. The unit rate for electricity will go up by just under 12 per cent, and gas unit rates by close to 14 per cent. The company cited an «increase in wholesale energy costs arising from the conflict in the Middle East» as the reason for the adjustment.

Daragh Cassidy of bonkers.ie noted that this move was anticipated, as Prepay Power, along with Yuno Energy and Electric Ireland, had previously implemented a price freeze last winter when other suppliers raised rates by 10-15 per cent. Cassidy expects Electric Ireland, with its 1.1 million customers, to announce similar increases soon, given the volatility of wholesale gas prices, which are up 40-50 per cent since the start of the Iran war.