Electric Ireland has announced that its electricity prices will increase by 5.9% from 1st October 2012.

This will result in an average increase of €1.22 per week on the average residential electricity bill.

Two thirds of this increase (3.6%) represents the cost increases applicable to all energy consumers regardless of supplier, including an increase in pass through costs associated with the operation, maintenance and development of the country's Transmission and Distribution infrastructure and the increase in the Public Service Obligation levy.

-- Advertisement --

Liam Molloy, General Manager, Electric Ireland said: "We regret that we have to increase our electricity prices at this time. We are acutely aware of the financial pressures facing our customers and we have done all we can to minimise the increase'

"The price change announced is due to a combination of factors. The increase in Transmission and Distribution network costs and the Public Service Obligation levy account for two thirds of the overall increase. We have managed to keep the remainder, which is due to the impact of the weak Euro on our wholesale energy costs, to a minimum.

Electric Ireland will also be increasing its residential gas prices by 8.5% mirroring the Bord Gais Energy gas price increase announced by the Commission for Energy Regulation. Electric Ireland customers will still be able to avail of significant discounts off Bord Gais Energy gas prices.

(CD)