Budget Energy has become the latest energy provider to announce a price increase, hitting thousands of customers with a 9.5% hike starting 4 August. The increase applies to residential electricity unit rates and standing charges for customers on variable tariffs, while those on fixed-price tariffs get to keep their wallets intact for now.

The company blames the usual suspects: 'continued volatility' in wholesale energy markets, geopolitical tensions, and 'sustained pressures' across the energy market - which is essentially code for 'things cost more and we're passing it on.' Managing Director Ken O'Byrne offered the requisite sympathy, calling it 'unwelcome news' and encouraging customers to review their tariff options.

This follows SSE Airtricity's 6.2% increase from 1 August (adding about £71.57 a year) and Power NI's 6.2% hike from 1 July. According to Raymond Gormley of the Consumer Council, all five electricity suppliers have now either raised or announced price increases, affecting approximately 105,000 Budget Energy BillPay and keypad customers. The 9.5% rise adds roughly £122 a year for typical credit customers and £121 for keypad users, bringing average annual bills to £1,403 and £1,390 respectively.

Gormley's advice: contact your supplier if you're struggling, and consider switching payment methods or suppliers - because apparently, the standard tariff is the 'most expensive way to pay for your electricity.' In other words, be proactive, or prepare to pay the 'I-didn't-bother' tax.