Bord Gáis announces massive price increase for electricity and gas

Bord Gáis has confirmed a significant price hike for its customers with the new higher rates for electricity and gas due to kick in next month.

The company says it is "regrettably" increasing the average electricity bill by 27% and the average gas bill by 39%.

With high global wholesale energy costs and market volatility expected to continue for some time, Bord Gáis Energy has  confirmed that its winter price pledge, which protected customers over the colder winter period, is ending.

The changes will take effect from 15 April 2022.

In recognition that some customers will experience difficulties in managing their bills, Bord Gáis Energy has put in place additional supports and services to help.

Working in partnership with the Money Advice and Budgeting Service (MABS) and other charities, Bord Gáis Energy is establishing an energy support fund and will provide tailored advice to help customers.

Dave Kirwan, Managing Director with Bord Gáis Energy, said: “We know that today’s announcement is not welcome news. As part of Centrica plc, and with decades of local experience, we will navigate through these unprecedented times with our customers.

"However, there have been continued increases in wholesale energy costs over the past two years, particularly in the past 12 months. This, together with the expectation that costs will remain both high and volatile for some time, means we are forced to increase our prices. 

"We know that each customer’s circumstances are different, and we are determined to help those who need it most. That is why we are announcing an energy support fund of €1.25 million in addition to the services we already have in place.”

He added that the range of factors driving the rising cost of wholesale energy have been extensively discussed in recent times. These include the persistence of high demand on gas worldwide, reduced supplies, low storage volumes, geo-political issues and late winter conditions. 

The news of the price increase comes at a time when inflation is running at a 21-year high of 5.6pc.