Bord Gáis announce huge hikes in gas and electricity prices

Bord Gáis Energy has announced huge increases in its gas and electricity prices.

The firm says that high global wholesale energy costs and “market volatility” that is expected to continue for some time are the reasons for the huge hikes in its gas and electricity prices. The price hikes will come into effect from April 15 when the firm's winter price pledge comes to an end.

Bord Gáis says that it will work in partnership with the Money Advice and Budgeting Service (MABS) and other charities, to establish an energy support fund and will provide tailored advice to help customers.

Dave Kirwan, Managing Director with Bord Gáis Energy, said: “We know that today’s announcement is not welcome news. As part of Centrica plc, and with decades of local experience, we will navigate through these unprecedented times with our customers. However, there have been continued increases in wholesale energy costs over the past two years, particularly in the past 12 months. This, together with the expectation that costs will remain both high and volatile for some time, means we are forced to increase our prices.

"We know that each customer’s circumstances are different, and we are determined to help those who need it most. That is why we are announcing an energy support fund of €1.25 million in addition to the services we already have in place.”

The firm says that the range of factors driving the rising cost of energy prices include: the persistence of high demand on gas worldwide, reduced supplies, low storage volumes, geo-political issues and late winter conditions.