Customers of Flogas Energy will be hit with price increases of 17-23 per cent from the end of next month as the company joined all the main utilities in rolling out significant price hikes in advance of the winter months.
The group announced that its electricity customers will face a 17 per cent price increase from October 26th, while its gas customers will have to contend with a 23 per cent hike from the same date.
Flogas blamed volatility on global markets for the move and “continuing and unprecedented increases in wholesale gas prices and the associated increases in wholesale electricity costs”.
It was widely anticipated and comes after Electric Ireland, Bord Gáis Energy, Energia, SSE Airtricity and PrepayPower rolled out similar increases in recent weeks.
The price increases will see an average customer’s electricity bill climb by about €350 while gas bills are set to rise by about €400 over the course of a year.
It is the sixth price increase imposed by Flogas since the start of last year, with its 25,000 customers seeing their annual bills more than double since 2020.
The company also said that while there will be unit rate increases, daily standing charges for electricity and gas supply will not be affected.
“Energy cost increases are affecting all suppliers and while we are continually looking at ways to minimise costs for our customers, we have no option but to increase our rates in the current environment,” Sean O’Loughlin, general manager, Flogas Energy said.
“To say these are unprecedented times for the energy sector is an understatement,” said Daragh Cassidy of switching site bonkers.ie “Next week’s budget can’t come soon enough. However, we’re deluding ourselves if we think the Government can’t shield us from the full forces of the energy crisis.”
He said the price increases were “undoubtedly immense and will be difficult for customers to digest but Flogas is merely passing on the increased costs it’s facing itself”.
“I’d encourage households which may be struggling financially to check out any Government supports which are available, such as the winter fuel allowance, the free electricity allowance and the exceptional needs payment. Some suppliers have also set up hardship funds, which will provide financial support to those most in need so I’d encourage people to chat to their suppliers too.”