Gas prices to increase

Gas prices to increase

Homeowners are set to see an increase in their gas bills from this October after the Commission for Energy Regulation today approved a 8.5% rise for Bord Gáis.

The move means that residential gas prices will be over 30% dearer than this time last year after an approval for a 22% increase was granted this time last year.

Bord Gáis had applied to the Commission for Energy Regulation for a 7.54% rise in its residential gas prices in the summer.

In a statement this afternoon, the commission said that since the summer the price of gas in euro terms has continued to rise.

In addition it said that transmission and distribution tariffs for the forthcoming year have also risen.

It also pointed to the value of the euro which has decreased against sterling over the last year and it said that this is a key driver on gas prices as Ireland purchases virtually all of its gas prices from Britain.

The regulator added that the increase may cause problems for many consumers given the economic circumstances but said that wholesale gas costs are something Ireland has no control over.

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