240,000 households to be hit with increase in electricity and gas prices

"We've worked hard to protect our customers from rising energy costs. This is our first price increase in three and a half years, and last winter, whilst most other suppliers had to increase their rates, we went further by freezing prices when usage is at its highest."

"However, wholesale energy costs have continued to rise sharply, and it is simply not possible to hold out indefinitely. We will continue to do everything we can to minimise the impact on our customers and to help them control their energy costs."

"Calculations by Daragh Cassidy of price comparison site Bonkers.ie indicate that the unit rate of its electricity is going up by just under 12pc and the unit rate of its gas by just under 14pc."

PrepayPower will raise electricity prices by 8.8% and gas prices by 10.6%, effective June 1. This results in an additional €168 for electricity and €170 for gas annually for average households. The company cites sustained instability in global energy markets due to the Middle East conflict as the reason for the price hike. Managing director Eric Mullane stated that they have absorbed costs for as long as possible but can no longer delay adjustments. The new unit rate for electricity will be 37.62c per kilowatt hour, including VAT.

Read at Irish Independent