Yet more domestic energy suppliers plan to hike prices
TWO more energy companies have announced price increases bringing to six the total number of suppliers who have hiked gas and electricity costs in the last week.
Panda Power and Pinergy blamed the development on an increase in the wholesale energy costs on the global market.
Panda Power said it is increasing its electricity standard rate by 5.9%, or an average of €47.84 extra a year, and its gas standard rate by 5%, which is an average of €31.72 extra a year.
The cost of a duel fuel bill for a typical household with Panda Power is also set to increase by 4.1% or €79.56 a year. Panda Power managing director Brendan Traynor said: ‘While we have done everything we can to offset the effect of market volatility on our customers, we have had to take this necessary action and reflect the market changes in our energy prices. These conditions are unfortunately outside of our control.’
Pinergy, which allows customers to pay in advance for their energy use and has 35,000 customers across Ireland, said it will be increasing its standard unit rate price by 9.38% which will result in an extra €71.76 a year to the average customer. CEO Enda Gunnell said the company ‘very much regret’ the price increases, adding: ‘We would always urge energy customers to take a more proactive approach in managing and monitoring their energy usage through smart technology meters and deploying energy efficient technology such as LED lighting in order to achieve savings and become more energy efficient.’
These price increases will come into effect on August 1. Six energy suppliers have so far announced that they will be increasing prices. The other companies are Electric Ireland, Energia, Flogas, and SSE Airtricity.
Head of communications for price comparison website Bonkers.ie, Daragh Cassidy, said ‘At 9.38%, Pinergy’s price hike is the largest electricity increase to be announced so far and will certainly be felt in people’s pockets when summer ends and the heating gets turned back on.’
The remaining four energy providers, Bord Gáis Energy, BEenergy, PrepayPower.ie, and Just Energy were contacted yesterday to see whether they will also be increasing their prices in response increase in energy costs globally.
Bord Gáis Energy was the only company to respond. It said it did not have any information to share on the issue at this time. However, MD of Switcher.ie, Eoin Clarke, said ‘it’s likely’ other companies would follow suit with hikes.