SSE Airtricity is today announcing that it is increasing its standard household energy prices from 3 December 2018. The move is in response to further rises in external costs in recent months, including unprecedented increases in wholesale energy prices, as well as increases in networks transmission charges.
The standard price of electricity will increase by 6.3% or €1.18 per week, while the standard price of natural gas will rise by 6.9% or €1.01 per week.
The increases are a result of external factors outside SSE Airtricity’s control. Continued increases in wholesale fuel costs have seen the price of gas rise by a further 17% over the last 5 months, having increased by over 20% in the 12 months prior.
David Manning, Director of Home Energy at SSE Airtricity, said:
"Unfortunately these price increases have been unavoidable due to the continued and unprecedented rises in wholesale energy costs, as well as increases in transmission costs, which have a direct impact on suppliers.
"We’ve done everything we can to minimise the impact of this market volatility on our customers and we’re committed to passing on any future savings as soon as we can.”
1. Typical weekly equivalents based on a €61 annual increase in the cost of electricity and a €52 annual increase in the cost of gas. Costs of increases based on a household customer on 24hr SmartSaver Standard credit meter tariffs (Direct Debit with eBilling). This will mean a typical annual bill of €1,036 for electricity (consumption of 4,200 kWh) and €806 for gas (consumption of 11,000 kWh).
2. Price change applies to 273,180 household electricity customers and 92,923 household gas customers, based on Commission for the Regulation of Utilities ‘Electricity and Gas Retail Markets Report Q1 2018’, published 26 September 2018.
3. 16.9% change in forward NBP wholesale gas costs based on an 11-month comparison of UK Natural Gas Futures, 26 June 2018 (63.08 cent per therm average for November 18 to September 19 products) and 26 October 2018 (73.78 cent per therm average for November 18 to September 19 products); source: Intercontinental Exchange Settlement Prices (NYSE:ICE), Central Bank of Ireland Exchange Rates.
4. 21.75% change in forward NBP wholesale gas costs based on 12-month comparison of UK Natural Gas Futures, 4 May 2017 (50.73 cent per therm average for Summer/Winter 18 product) and 4 May 2018 (61.78 cent per therm average for Summer/Winter 18 product); source: Intercontinental Exchange Settlement Prices (NYSE:ICE), Central Bank of Ireland Exchange Rates.