Budget Energy is the latest energy provider to increase its prices, with a 9.5% hike announced for thousands of customers next month.
The increase will apply to to its residential electricity unit rates and standing charges for customers on variable tariffs, effective from 4 August.
Customers on fixed-price tariffs will not be affected.
The company said that the rise is due to the “continued volatility” in wholesale energy markets along with geopolitical tensions and sustained pressures across the energy market.
Budget Energy NI’s Managing Director Ken O’Byrne said they will monitor the market conditions closely.
“We understand this is unwelcome news, especially at a time when many households are facing pressure on everyday costs,” he said.
“We encourage our customers to review their tariff options to make sure they are on the plan best suited to their needs.”
Budget Energy said they will notify all affected customers directly in advance of the change, providing full details of the updated tariffs.
Last week, SSE Airtricity said household bills will increase by 6.2% from 1 August – about 20p a day, or £71.57 extra a year.
It follows an earlier increase by Power NI, whose electricity unit price increased by 6.2%, effective from 1 July.
Customers will have to pay over £100 extra
Raymond Gormley, head of energy policy at the Consumer Council, said approximately 105,000 Budget Energy BillPay and keypad domestic customers will be affected.
“All five electricity suppliers have now either increased their tariffs or have announced that they are doing so,” he said.
“We would encourage consumers to think about the way they pay for their energy and see if they can reduce their energy costs.”
According to the Consumer Council, the 9.5% rise would add around £122 a year to the annual bill of a typical credit customer, and around £121 a year the average standard-rate keypad customer.
The average annual electricity bill for a typical credit customer on a standard tariff would be around £1,403 and a typical keypad customer on a standard tariff would be around £1,390.
Gormley said that anyone struggling to pay should contact their supplier.
“Being on a standard tariff and paying on receipt of a bill is the most expensive way to pay for your electricity. Switching payment methods, changing billing method or even switching supplier may save you money.”
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