The latest increase marks Iberdrola’s second price hike announcement of 2022, and its fifth in the space of just 12 months. The accumulated cost of all the recent increases will add around €1,500 to the average customer's gas and electricity bill.
Unfortunately, there’s no reprieve at the moment for energy customers with yet another energy supplier announcing a price increase. This time it’s the turn of Iberdrola which is upping its price for the second time this year.
The Spanish energy supplier has announced that its standard electricity prices will increase by 28%, while its standard gas prices will increase by 12%.
The price hike will come into effect from May 5th.
Iberdrola will also increase both its electricity and gas standing charges by 12%, effective from the same date.
This is Iberdrola’s second price increase of 2022, but its 5th in the space of 12 months.
Here’s what the latest announcement means for the average Iberdrola customer.
Cost of the energy price increase
The latest price hike from Iberdrola will add around €396 a year to the average customer's electricity bill and €144 to their annual gas bill.
Iberdrola has cited ’the price pressures caused by high global wholesale energy costs’ as the main reason for this latest price increase.
Sean O’Loughlin, Head of Iberdrola Ireland, said:
We’re having to respond to the unprecedented conditions in the global energy market. We remain committed to providing our customers with a quality and best value service, and that is something we take very seriously.
We’re contacting all our customers to advise them of the forthcoming changes and – as always – our Customer Services Team is on hand to provide support and guidance to customers who may be worrying about the changes or struggling to pay their energy bills.
Previous price increases
This is Iberdrola's second price increase of 2022.
However, the supplier increased its prices three times last year.
Here’s an outline of Iberdrola’s increases over the last 12 months.
|
Effective Date |
Electricity increase |
Gas increase |
Estimated increase to annual electricity bill |
Estimated increase to annual gas bill |
|
24th April 2021 |
6.3% |
4.9% |
€65 |
€36 |
|
15th July |
12.5% |
8.5% |
€138 |
€67 |
|
1st October |
17.5% |
18% |
€217 |
€154 |
|
1st January 2022 |
9.5% |
15% |
€139 |
€151 |
|
5th May 2022 |
28% |
12% |
€396 |
€144 |
|
Combined 12-month increase |
€955 |
€552 |
Switch and save
If you want to make sure you’re not overpaying on your energy bills, make sure to switch supplier once your contract has expired.
If you’ve been with your existing supplier for more than a year, chances are you’re likely out of contract, and that means you’re paying the company’s standard rate. This means you’re not receiving any discount and are vastly overpaying for your energy.
Comparing and switching is quick and easy on bonkers.ie and the average customer could save over €700 a year on their bills by changing supplier today.
Compare prices and switch today using our comparison tools here! We compare all energy suppliers in the market against your current supplier to find you the best deals.
Did you know that you can also compare prices for broadband, insurance and banking products on bonkers.ie? See what other bills you could save on by switching provider!
Let’s hear from you
What do you think of the latest price increase from Iberdrola? Were you expecting it? We’d love to hear from you in the comments below. Alternatively, you can get in touch with us on Facebook, Twitter and Instagram.
