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)