PrepayPower first to announce price increase since war began, with fears more suppliers will soon follow
There are fears that this is just the beginning of a spate of rising costs.
PrepayPower, which has 240,000 customer accounts, became the first Irish supplier to announce an increase in the price of its gas and electricity since the outbreak of the war.
There are now fears that the more than one million customers of Electric Ireland will be hit with electricity and gas price rises next.
Meanwhile, bin company Panda Waste has confirmed it will add a temporary charge to collections due to rising fuel prices.
It services more than 300,000 companies and homes in Ireland, with the surcharge amounting to an annual increase of €12 plus Vat, or roughly 97c per month.
A spokesperson for Panda Waste said: “Due to the significant recent increases in the cost of fuel, Panda has been forced to apply a temporary fuel surcharge.
“Unfortunately, we can no longer continue to absorb this major increase in the cost of operating. This surcharge will be kept under review and will be discontinued as soon as fuel prices ease.”
However, an even larger outlay for households is likely if electricity and gas prices continue to rise.
PrepayPower says it absorbed wholesale energy increases for as long as possible. Stock image
News in 90 Seconds – May 2nd 2026
It was confirmed yesterday that PrepayPower will raise electricity prices by 8.8pc from June 1, with gas going up by 10.6pc.
For an average household, this equates to an extra €168 a year for electricity. Gas customers will be charged €170 more over a year once the price rise kicks in.
The supplier said sustained instability in global energy markets, driven by the conflict in the Middle East, had pushed wholesale energy costs significantly higher.
To be honest, I’m surprised the electricity hike wasn’t a bit bigger
PrepayPower is Ireland’s largest pay-as-you-go provider.
Daragh Cassidy, of price comparison site Bonkers.ie, said he feared that Electric Ireland and Yuno Energy would follow PrepayPower by announcing price rises soon.
“Last autumn, most of the energy suppliers hiked their electricity prices by between 10pc and 15pc as a result of continued high wholesale electricity costs and an increase in grid and network charges,” Mr Cassidy said.
“However, PrepayPower, its sister company Yuno Energy, and Electric Ireland all announced a price freeze for the winter months.”
He said this meant that up until now, these suppliers’ electricity prices were around 20pc cheaper than the rest of the market.
“But this was always unlikely to last indefinitely,” he said.
“And to be honest, I’m surprised the electricity hike wasn’t a bit bigger.”
Electric Ireland, which has close to 1.1 million customers, said it was keeping its prices under review and was committed to providing competitive value to customers.
“In September 2025, Electric Ireland announced a 4pc cut to its residential gas prices from November 1, 2025, while keeping electricity prices unchanged for its almost 1.1 million residential electricity customers, effective from November 1, 2025,” it said.
“These decisions build on price cuts in 2023 and 2024 and together have delivered cumulative average household price reductions of €376(19pc) in electricity and €390 (24pc) in gas for Electric Ireland customers.”
We’ve worked hard to protect our customers from rising energy costs
PrepayPower said it had absorbed wholesale energy increases for as long as possible but it could no longer delay the adjustment.
Managing director of PrepayPower Eric Mullane said: “We’ve worked hard to protect our customers from rising energy costs – this is our first price increase in three-and-a-half years, and last winter, whilst most other suppliers had to increase their rates, we went further by freezing prices when usage is at its highest.
“However, wholesale energy costs have continued to rise sharply, and it is simply not possible to hold out indefinitely.
“We will continue to do everything we can to minimise the impact on our customers and to help them control their energy costs.”
The unit rate for PrepayPower’s Classic Pay Standard 24 Hour Urban tariff goes to 37.62c per kilowatt hour, including Vat.
There are no changes in the standing charges.
Last month, the Government announced a package of supports worth €500m for the transport and agricultural sectors.
Meanwhile, numerous other industries have also voiced their concerns over mounting pressure from rising fuel costs.
The Construction Industry Federation has lobbied for the industry to be involved in the Fuel Support Scheme, launched this