Electricity price hikes will apply to all farmers who pay a residential tariff rate from 1 August this year.

Electric Ireland is to increase electricity prices by 6.2% and gas prices by 8%.

Dairy farmers with a 100-cow herd can expect to pay up to €378.80/year on top of their existing electricity bill for milking parlours, according to Electric Ireland.

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Farmers will also be concerned that the price hike will affect their overall electricity bill, which will include running electric fences, shed lighting and water pumps.

“The vast majority of farms are SME customers and this price increase applies to residential customers only,” a spokesperson for Electric Ireland told the Irish Farmers Journal.

“Any smaller farms on a residential tariff would be impacted, but I understand this would be a very small proportion of family farms.”

Electric Ireland has stated that rising global wholesale costs had driven this price increase.