THE Utility Regulator is warning that households and businesses in Derry and across the North of Ireland will face gas price hikes of at least 30 per cent in the coming weeks.
Concerns over escalating tensions involving Russia mean further increases are also likely this year.
Wholesale energy costs have risen significantly since last July and they account for about 50% of bills.
As a result, SSE Airtricity put up prices twice last year and Firmus Energy also raised its prices three times in 2021.
Both suppliers are expected to increase prices further in the coming weeks as higher wholesale prices will be passed on to customers.
Prior to Covid, wholesale natural gas was about 50 pence per therm.
Surging prices due to supply issues mean wholesale prices peaked at £4.71 per therm in December in 2021.
Reduced supply of gas from Russia (via Ukraine) is having a huge effect on prices.
Forecasts expect these higher prices to continue throughout 2022 into 2023.
In relation to electricity prices, Power NI, the only regulated supplier in the North, put up prices 21% from January.
No immediate price rise is expected there, it usually takes a bit longer to feed through and will be one to watch in the weeks and months ahead.
In Great Britain, an energy cap has shielded households from these price rises at about £1,200.
