The second round of energy price rises shows no sign of letting up, with Energia announcing it will increase gas and electricity prices by an average of 5.9% from 1 January next.

The latest hike will add an estimated €61.88 to the average annual electricity bill and €55.64 to the average annual gas bill for Energia customers.

Energia has joined Flogas, Panda Power, Pinergy and SSE Airtricity by raising prices for the second time this year, after increasing its gas price by 12.38% and electricity price by 7.6% back in August.

The combination of both Energia’s increases this year will see its average annual dual fuel bill go up by €296.92 in just five months.

Rising wholesale costs of energy have once again been highlighted as the reason for the latest hike.

This marks a worrisome time for consumers who are warned that other suppliers are likely to continue the price hike trend, with further announcements expected sooner rather than later.

Commenting on the announcement, Eoin Clarke, Managing Director of Switcher.ie, says: “Energia is the fifth energy supplier in just a matter of months to put its prices up for a second time this year, so the question now is not if, but when, the next supplier will follow suit. These back-to-back price rises are really concerning and consumers will no doubt be feeling unsettled, especially since higher bills are already emerging as we head into the colder, darker months of the year.

“The latest hike from Energia is a bitter blow for customers whose bills already went up by almost €180 in August - so anyone who didn’t switch to a cheaper deal at that stage should do so now before the second increase comes into effect in the new year. At the moment, there are savings of up to €290[1] to be had by switching from a standard tariff to the cheapest deal on the market.

“For those who already switched during the first round of price hikes this year, and are still in contract, you can still switch again, but remember it’s likely you will need to pay an exit fee to do so. If you don’t want to be hit with an exit fee, there are also other ways you can help bring down the cost of your energy. Make sure you’re availing of all possible discounts from your current supplier - for example for receiving bills online and paying by Direct Debit - and by implementing some simple energy-saving measures around your home. Then, as soon as you’re free to switch again, shop around and move to a cheaper deal.”

Switching is straightforward and free. Use Switcher.ie’s free gas and electricity comparison tool to get started - comparing deals and making a switch only takes around 5 minutes. For more energy-saving tips, consumers can check out Switcher.ie’s free energy-saving guides: https://switcher.ie/gas-electricity/guides/energy-saving/.

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