More Gas and Electricity Price Increases on the Way

Flogas announced price increases for it’s natural gas customers in Ireland last week. They are increasing  gas rates from November 1st by 9.8%, which means an annual increase of €80 for average usage households.   Flogas already raised rates on 1 August this year , with customers seeing the average gas bill rise by almost €93.

Panda Power  is also increasing electricity and gas prices by 11.1% with effect from Nov 5th 2018 . The increase will add €99.32 onto the average annual electricity bill and €74.88 onto the average annual gas bill. Panda Power last raised prices this  July, (gas prices by 5% and electricity prices by 5.9%)

The pre-payment energy company , Pinergy , has also  announced an increase to electricity prices of  7.89% from 7th November. This increase will add €66.04 onto the average annual electricity bill.  In August, Pinergy increased its electricity prices by 9.38%, which saw a €71.76 .

Usually – when a couple of energy companies raise prices – the others soon follow. So we might see simlilar anouncements soon from Bord Gais Energy, Energia , SSE and Electric Ireland.

There is only one supplier that offers fixed rates on gas and electricity in Ireland – and that is Just Energy. Their current dual fuel offer has fixed rates for 24 months. It is currently not the cheapest – but if prices keep rising twice a year – would you be  better off in the long run by switching to them ?
For average usage – Just Energy works out at €1707 a year.

The current cheapest deal from Energia works out at €1483 over the next 12 months  including their cashback offer. But if they apply similar increases of  9% to unit rates  – this would see Energia prices rise by about €110 to €1593. This is still cheaper than the Just Energy fixed rate deal – and it leaves room for another increase of about 8% before it reaches the Just Energy price.
So – in our opinion , the fixed rate deal is probably not going to save you anything unless Energia prices rise by more than 20% between now and early 2020.

You can switch to Energia here (use Promo code CHEAPDUAL to get the best deal with €50 credit)

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