Over 250,000 customers in Northern Ireland will be hit by further increases in energy bills this winter as both Budget Energy and SSE Airtricity announce further increases to electricity prices.
Budget Energy are increasing prices by 29% from 26th November and SSE Airtricity are increasing prices by 9% from 1st December.
With both suppliers having already increased prices several times during the year this will be further bad news for customers many of whom will be already struggling with the soaring cost of living. In this blog we look at the announcement from both Budget Energy and SSE Airtricity to see what it will mean for customers’ pockets.
What are the latest price increases?
This will be fourth price increase from Budget Energy, having already pushed up prices in March, July and October…their last increase was 18%. Having raised prices three times already this latest increase may surprise customers, many of whom may feel prices have already gone up more than enough.
General Manager, Paul Kenny has said Budget Energy “work hard to minimise the level of increase by investment in further local renewable generation agreements and other local cost controls, but we are very much aware that any increase will be unwelcome for our customers at this time of year.”
This will be third price increase from SSE Airtricity, having pushed up prices in March and July…their last increase was 9.8%.
Klair Neenan, Managing Director of SSE Airtricity said “the decision to increase our prices has not been taken lightly. We have made every effort to delay this announcement as long as we could but unfortunately, as we have seen with other suppliers, sustained increases in wholesale energy costs are driving consumer prices upward.”
What does the price increase mean for customers?
For Budget Energy customers the latest price change will come into effect from 26th November and will mean an increase of around £208 for a typical customer on a standard rate bill pay tariff*.
The price increase applies to both the tariff unit rate and daily standing charge applied by Budget Energy. A standing charge is a fixed amount added on top of your tariff rate to cover an energy supplier’s fixed costs – to pay for supplying your house with power. Although all suppliers apply this cost some suppliers, including Budget Energy separate this charge out and add it to your bill on top of the tariff rate you pay.
For SSE Airtricity customers the latest price change will come into effect from 1st December and will mean an increase of around £62 for a typical customer*.
Get in touch with your energy supplier
As everyone realises, we are living in uncertain times. It’s important to get in touch with your energy supplier to discuss any payment issues or concerns and help manage your account. Even providing an up-to-date meter read can make sure your payments are accurate and up to date.
Switch and save!
Yes, all suppliers have been increasing prices – but not to the same degree. There is a different of over £450 between the most expensive and most competitive electricity deal in Northern Ireland.
If you are looking to offset the price increase the quickest and easiest way to do so is to compare suppliers and switch to a cheaper deal using on www.powertoswitch.co.uk
At ‘Power to Switch’ we compare all tariffs and deals across all electricity suppliers to save you money. Switching is quick, hassle-free and means you keep more money in your pocket. You don’t even have to tell your old supplier you are leaving!!!
* Based on Bill Pay Standard 24Hr tariff and 3,200 kWh annual usage