Fixed rates on mortgages and savings have been around for years – but the availability of fixed rates on energy in Ireland is not that common. One newcomer to the Irish energy market is Iberdrola. They are offering fixed rates on gas and electricity.
The current Fixed Price Electricity deal from Iberdrola works out at €861 over the first 12 months. This is only €31 more expensive than the cheapest variable deal from Energia. If electricty prices rise by more than 3% – then you will be better off with the Iberdrola fixed rate. If you are thinking of going for a fixed rate you should proably do it soon before the prices go up.
In November 2019 – the dual fuel fixed rate offer available from Iberdrola through the Switcher website – would work out at €1538 for average gas and electricity usage over one year. Their unit rates are fixed for 12 months.
By comparison – the best dual fuel offer is from Energia – and works out at €1460 over the next 12 months including their cashback offer.
So that is a €78 difference about 5% – but you would be protected from any price increases for a full year with Iberdrola.
If Energia were to increase prices by more than 5% – then the Iberdrola fixed rate would start to work out cheaper. But if the price increase doesn’t happen for 6 months , you would be better off going for the cheaper Energia deal.
But – prices could easily rise more than 5%. In 2018 , Energia increased gas and electricity prices by an average of 5.9% in January 2019. This followed increases to gas of 12.38% and electricity of 7.6% in August 2018
Prices correct as at November 3rd 2019