Flogas announces fourth price hike of the year

It seems like quite a long time ago now that we’ve heard of an energy supplier decreasing its prices, and it could be a long time yet as prices are still well and truly on the rise.

On that note, Flogas has become the latest energy supplier to announce a price increase for its gas and electricity customers, its fourth price hike of the year.

Over 35,000 residential and commercial customers in Ireland will be affected by the move.

Here are the details in full.

Increase number four from Flogas

Flogas Ireland has announced yet another massive price hike with its electricity prices set to increase by 19% while its gas prices will go up by 26% from November 20th.

The price increase will add around €309 extra to the average electricity customer’s annual bill and around €290 for the average gas customer.

This is the fourth price increase from the energy supplier this year and taking its previous price hikes into consideration, energy customers will be paying slightly over €800 extra for electricity and €590 more for gas.

Meanwhile, the average dual fuel customer, also taking the combined increases into account, will be paying around €1,385 more this year versus last.

Speaking about its decision to increase its prices for a fourth time, Paul Kenny, general manager, Flogas Energy, said:

The rate of increase and volatility in wholesale energy costs in recent months is unprecedented and not something that could have been anticipated. While our prudent hedging policy has helped us avoid more significant increases to date, the reality is that future supply costs have increased for the next quarter by 56% from where they were only one month ago. 

We sincerely regret having to make further increases in our prices but unfortunately it remains difficult to forecast any significant improvements in the medium term. We are continuing to work hard to keep our prices as low as possible for our customers and will be continually reviewing our rates as the market changes.

Previous price increases

The energy supplier first increased its prices in April of this year, and then twice more in June and September.

Here’s a look at how its prices have increased since the beginning of the year and what it has meant for customers’ bills.

Why are prices increasing?

In short, there are three main reasons why energy prices are soaring.

1. The price of fossil fuels, in particular gas, on wholesale markets has skyrocketed
2. Several power plants have been out of action, reducing the supply of electricity to the grid
3. There has been a lack of wind output

Meanwhile, according to Flogas: ‘there has been a further deterioration in the medium-term costs of gas in the wholesale gas markets, driven by continuing global demand and uncertainty of supply.’

Read our article on why energy prices are increasing for all the information you need.

Switch and save today

Looking to save on your winter energy bills? We’ve got you covered. 

Whether you’re looking for dual fuel or single fuel offers, you can compare tariffs and deals from all of Ireland’s energy suppliers on bonkers.ie in just a matter of clicks. With our energy comparison tool, switching has never been easier!

If you’re seeking more information or help with switching, take a look at the following:

• Have a read of this guide to learn how to compare gas and electricity prices.
• We’ve compiled a list of the most common questions we get asked about the energy switching process here so that you can switch with ease.
• Here’s a list of 7 important things to keep in mind when looking into switching.
• Listen back to our recent KFM interview to learn how to consume less energy and save on household bills this winter. Alternatively, you can check out these 15 ways to use less electricity and save money.

You can stay up to date with all of the latest energy news and top saving tips with our blogs and guides.

Let’s hear from you

What do you think of today’s announcement from Flogas? Have you considered switching and saving? We’d love to hear from you in the comments below!

If you have any questions about the price increase from Flogas, feel free to get in touch with us. We’re on  Facebook, Twitter and Instagram.