Bord Gáis Energy Prices Set to Surge for 715,000 Customers

Bord Gáis Energy is set to increase prices for its 715,000 customers from October 9th. This will be the seventh energy provider to raise rates in recent months. The hike in electricity and gas unit rates, along with standing charges, will see typical residential bills increase by up to 10.6%.

The new 24-hour electricity unit rate, including VAT, will be 45.38c per kilowatt-hour (kWh), while the new standing charge will be €262 for urban and 24-hour customers. The gas unit rate, including VAT, will rise to 12.36c per kWh from October 9th.

According to Bord Gáis Energy's director of customer and commercial, Catherine Lonergan, global conflicts have led to higher wholesale gas costs, making a price increase necessary. This is the company's first gas price hike in four years, but it claims to still offer the lowest gas standing charge in the market.

Wholesale gas prices have surged due to market concerns over liquefied natural gas supplies through the Middle East. European wholesale natural gas prices have reached their highest level in three years.