Budget Energy to hike electricity costs by 18%

Budget Energy is the latest energy provider to hike its prices, with an 18% increase from 8 October.

The company said it was due to the rising costs of global wholesale energy.

Budget Energy has 96,000 customers in Northern Ireland and is the third largest supplier.

Firmus energy, SSE Airtricity, and Click Energy have also recently announced gas and electricity price increases.

It is the second time Budget Energy has increased its prices this summer.

Peter McClenaghan, director of infrastructure and sustainability at the Consumer Council, said customers would see an average £128 on their annual bill.

"It comes hot on the heels of significant gas price rises by SSE Airtricity and Firmus energy," Mr McClenaghan said.

"This combined electricity and gas increase could result in some consumers having to find around an extra £300 to put towards annual energy costs."

There will be no exit fee applied to customers that switch from Budget Energy before 8 October 2021.

The company's general manager, Paul Kenny, said the company regretted "having to make further increases to our prices but electricity wholesale costs on the island of Ireland are significantly higher this year than last year".

"We are committed to supporting any of our customers who are having difficulties with their energy costs over the coming months," he said.

The company said it was concerned about the challenges facing the marketplace. These needed addressed to avoid further price increases, it added.

On Thursday, it was announced Click Energy would be increasing its electricity prices by 16%.

The rise affects customers on a variable rate tariff and is expected to increase the average bill by about £100 a year.