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Flogas is the latest energy provider to increase its prices, warning customers that gas and electricity bills will see a bump from July.
The major Irish energy supplier confirmed on Friday that residential electricity bills will increase by approximately 11 per cent and residential natural gas bills will increase by approximately 12 per cent, effective from 20 July.
The price increase will apply only to customers on variable price plans and will not impact customers currently on fixed-rate contracts.
Flogas blamed volatility in global energy markets, geopolitical tensions and sustained pressures across the energy market for the price increase.
A spokesperson said: Flogas consistent energy purchasing and hedging strategy has helped protect customers from the impact of significant volatility in wholesale energy markets, enabling the company to absorb market pressures for as long as possible.
However, continued volatility in global energy markets, coupled with geopolitical tensions and sustained pressures across the energy market, means an increase to residential variable price plans is now necessary.
Residential electricity bills for customers on standard variable price plans will increase by 10.9 per cent based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU), which equates to 4.11 per week.
Residential natural gas bills for customers on standard variable price plans will increase by 11.8 per cent, which equates to 3.47 per week, based on the EAB as defined by the CRU.
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