Eight energy suppliers have now increased their prices since the beginning of 2021 while four have had two price increases, Pinergy, Flogas, Panda Power and now Iberdrola, much to the dismay of energy customers.
Iberdrola is the latest energy supplier to announce a rise in the price of both its residential gas and electricity.
The price change makes it the company’s second price increase in less than two months having already increased its prices for customers on April 24th.
It now joins Pinergy, Flogas and Panda Power who have all increased their prices twice this year.
If you’re an Iberdrola customer, find out the full details below!
What the price change means for customers
Iberdrola, the green energy supplier, announced it will increase its gas prices by 8.5% and its electricity prices by 12.5%.
The planned increase will add €5.60 to the average monthly household gas bill and €11.50 to the average monthly household electricity bill.
This means the average gas customer will be paying €67.20 extra per year for their gas and €138 extra annually for their electricity.
The price change will come into effect for Iberdrola customers on 15th July.
Why prices are increasing
The reason for Iberdrola’s second increase, as with Panda Power, Flogas and Pinergy, is rising wholesale energy prices and other similar factors it says are outside of its control.
Speaking about the increase Sean O’Loughlin, Retail Director at Iberdrola said:
A number of market factors, outside our control, have caused significant increases in the price of energy over recent months. Wholesale energy prices are now at a level higher than we’ve seen over the past number of years.”
These factors mean we must increase our prices to take account of these rising costs.
If you’re wondering why your energy bills are going up, have a read of our blog on why energy prices are increasing, or listen back to this recent radio interview we did on the topic.
Previous price announcements
As mentioned above, this is the second price increase from Iberdrola this year, following on from similar recent increases from Pinergy, Flogas and Panda Power.
It previously upped its gas and electricity prices on April 24th by 4.9% and 6.3% respectively.
Before that Iberdrola increased its electricity prices by 3.4% in November 2020. However it made no change to its gas prices at that time.
The energy supplier said it will write to all its customers to advise them of the forthcoming changes.
Importantly, those customers who are currently on a discounted tariff with the supplier will continue to receive the same level of discount as before the increase.
If however your contract is finished and you’re paying standard rates we would strongly advise you to switch and save on your bills - it only takes a couple of minutes on bonkers.ie.
How to switch energy suppliers on bonkers.ie
You’ll be glad to know that comparing and switching energy suppliers on bonkers.ie is easy as well as free to do.
- All you need is your MPRN and/or GPRN, a recent meter reading, your energy usage, and some personal details - simple as that!
- Customers who would like to switch their energy bills can run a comparison across all 14 energy suppliers on the market using our energy comparison tool - it only takes a second!
- Right now the average energy switcher is saving upwards of €400 so if you’re out of contract there’s no reason why you can’t too! Even if you’re still in contract with your current supplier, you can still switch but will be subject to an early exit fee of €50 per fuel. However, in many cases, you will still save more in the long run.
If you want to know more about how to switch energy suppliers on bonkers.ie just check out our guide on how to compare gas and electricity as well as our full range of extensive energy guides here.
Get in touch
What do you make of the latest energy price increases? We’d love to hear your thoughts on Iberdrola’s decision to raise prices in the comments below.
Find out more about various energy plans provided by Iberdrola here, or to view all of your options from Ireland’s 13 energy suppliers, visit our gas and electricity suppliers page.
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