PrepayPower has announced increases in its energy tariffs, with electricity prices set to rise by 8.8% and gas prices by 10.6% from the beginning of next month, citing continued pressure from rising wholesale energy costs linked to the conflict in the Middle East.
The pay-as-you-go energy supplier said it had been “forced” to implement the changes due to sustained increases in international energy markets. The company estimates the adjustment will add approximately €3.23 per week to the average household electricity bill and €3.28 per week to gas bills, bringing annual increases to around €168 for electricity and €170 for gas.
PrepayPower serves around 180,000 electricity customers and 60,000 gas customers across Ireland. The company noted that this marks its first price increase in three and a half years, following a period in which it maintained frozen rates despite volatility in global energy markets.
Energy analyst Daragh Cassidy of bonkers.ie said the move was not unexpected. He pointed out that while many suppliers increased prices last autumn due to higher wholesale costs and rising grid charges, PrepayPower and some competitors had temporarily held prices steady through winter. That strategy, he said, left them significantly cheaper than the broader market, but was unlikely to be sustainable.
Cassidy added that further increases from other suppliers, including Electric Ireland, could follow in the coming weeks. He also highlighted sharp rises in gas wholesale prices, which he said had increased by 40% to 50% since the start of the Iran conflict and remain significantly higher than pre-Ukraine war levels.
PrepayPower managing director Eric Mullane defended the decision, stating that the company had worked to shield customers from rising costs for as long as possible. He said wholesale price pressures had reached a point where further delays were no longer feasible, while emphasising efforts to limit the impact on households.
The announcement prompted strong political reaction. Sinn Féin leader Mary Lou McDonald described the increase as a “hammer blow” for families already struggling with living costs. She called on the government to introduce an emergency budget and restore energy credits, warning that price rises from one supplier typically lead others to follow.
Green Party leader Roderic O’Gorman also urged intervention, proposing targeted €200 energy credits for lower- and middle-income households. He further suggested expanding access to solar energy supports, including free solar panel installations for households receiving fuel allowance and the rollout of plug-in solar systems.
The latest increase adds to ongoing concerns over household energy affordability, with further price adjustments expected across the sector if wholesale market conditions remain elevated.
