Domestic electricity bills could increase by more than €50 a year as Bord Gáis announce a 5% price hike.

The price increase, which will come into effect from 15 October, will see customers paying over 15% more for their electricity than 12 months ago.

The company said the price increase was being driven by a number of factors, including the increase in transmission and distribution charges on the electricity network that were recently announced by the Commission for Energy Regulation, plus the increase in the wholesale cost of gas, which is a key component in the production of electricity.

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“Bord Gáis Energy regrets having to introduce this price increase, which is due to factors beyond our control,” managing director Dave Kirwan said, adding that, despite the increase, the firm offered the lowest unit price electricity in the State.

Last Friday Airtricity announced that its electricity prices would rise 4.7 per cent in the middle of next month. A week earlier the largest provider in the market, Electric Ireland, said it was increasing electricity charges by 5.9 per cent.

(H)