Hot weather in Asia saw more gas used for air-conditioning, while gas exports from Russia to north-west Europe have also been lower. This has helped push up gas prices in the UK, Europe and Asia. Some prices in Northern Ireland are overseen by the Utility Regulator, in a process equivalent to the price cap in Great Britain. The other five suppliers are unregulated and can increase their prices whenever and by however much they want. The Utility Regulator has no control over wholesale energy costs, said its chief executive John French.
So although a company's profit is capped that doesn't stop prices going up as the cost of commodities increases. The actual cost of the energy makes up about half of our bills and the rest goes to the companies who manage the pipes and to cover other expenses. But that cap doesn't mean those companies aren't making a healthy return, according to Peter McClenaghan at the Consumer Council. Mr McClenaghan expects the Power NI regulated electricity tariff will increase at the next review, which is likely to be in January Although prices are increasing across the board it is always worth shopping around.
This has happened several times since the introduction of the cap - where the price cap rate has fallen, suppliers have been forced to drop their energy prices too. It's important to remember though that the price cap only applies to suppliers' standard variable tariffs, with most fixed deals being much cheaper to start with. Another element is competition.
Energy suppliers need your custom to be profitable. If their customers leave because there's a cheaper energy provider or one with better service, then they lose out. Comparing energy prices and switching your energy provider is one of the easiest ways of getting cheaper gas and electricity bills. Suppliers are always trying to win customers from their competitors by offering cheap deals.
Ofgem's energy price cap rate has already been set for the period between October and April The price cap rose by for average dual fuel customers. Because most suppliers set the price of their standard variable tariffs very close to the cap rate, this means energy suppliers react by raising prices on their standard variable and default tariffs by a similar amount. All of the big six providers British Gas, E. It's a good idea to compare prices from energy providers and see if you can switch to a cheaper energy deal before any price rises happen.
Remember that you're very likely to find a cheaper fixed deal if you're currently on your supplier's standard variable tariff. We use cookies and similar technologies. You can use the settings below to accept all cookies which we recommend to give you the best experience or to enable specific categories of cookies as explained below. SSE Airtricity. Electric Ireland. Panda Power. How much does gas and electricity cost in Ireland? In the case of pay-as-you-go electricity or gas, a prepayment service charge is also included.
Supplier Price plan Unit rate per kWh. Compare prices. See what our customers say about bonkers. But figuring out exactly when peak and off-peak electricity usage take place really depends on where you live and specific weather conditions. Luckily, there are many tips for saving energy in summer. Many energy providers are willing to contract with you to provide electricity at a fixed price. The benefit of locking in a price is that you have a stable and predictable price for budgeting.
The trick is to buy when electricity is cheaper. The best time of year to lock in electricity rates is in the fall or spring, when electricity rates tend to go down. You might want to study long-term market price trends. Do analysts think prices will be heading down in your area?
If so, you might want to wait before locking in a price. It can depend on time of day as well. For this reason, some electricity providers offer time-of-use plans. With these plans, you pay different rates during different times of day. When demand is high, you pay a higher price. During the hours when demand is low, your rate is lower or even free.
Not every customer pays the same rate for electricity. In some situations, the type of customer can actually be what affects electricity prices the most. For residential customers, government estimates peg the price of electricity nationally at
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