Electric Ireland announces electricity price rise

By Adam Evans

Electric Ireland has announced it's putting up electricity prices by 7.2%.

The energy firm says the cost increase won't come in until next February to protect customers over the winter.

Clare McAllister, Sales and Marketing Manager, Electric Ireland commented: "Electric Ireland is aware of the financial pressures our customers are facing and we are committed to keeping prices as low as possible for as long as possible. 

"Since full entry to the Northern Ireland residential market two years ago, we have passed on savings as a result of wholesale energy cost reductions. Increasing wholesale energy costs has meant that an electricity price increase is  now unavoidable. 

"We will, however, absorb these increases over the winter months when electricity usage and bills are at their highest and then apply the 7.2% price increase from 1st February 2018."

Adding, "Given that a number of energy suppliers have recently announced price increases which came into effect at the beginning of October, we believe today’s announcement will help to provide our customers with some peace of mind about winter bills and underpins our commitment to offering our customers the best long-term value in the market. We can also give added assurance that, even when our price increase is implemented in February, Electric Ireland’s prices will remain more competitive than the current prices of other leading suppliers"