Consumers told to switch after more energy price hikes
TWO more energy firms have announced price rises, prompting energy experts to warn householders to switch providers to avoid taking a financial hit.
Six energy providers have now said they intend to increase their prices from the start of next month.
Both Panda Power and Pinergy announced price increases within minutes of each other yesterday, becoming the fifth and sixth energy suppliers to do so since the beginning of June.
Electric Ireland, SSE Airtricity, Energia and Flogas have already said they will be imposing higher prices from August.
Panda Power will be increasing its electricity standard unit rate by 5.9pc, and its gas standard unit rate by 5pc.
This will mean an increase of almost €80 a year on a typical dual-fuel bill.
Pinergy will hike its electricity prices by 9.38pc. The increase will add €72 to the average annual electricity bill.
The two providers blamed what they said were sustained increases in wholesale energy costs on global markets.
Last week the largest energy company in the State, Electric Ireland, said it is to push up its prices by the end of the summer.
Electric Ireland, which is part of the ESB, is to increase electricity prices by 6.2pc from August, and gas by 8pc.
This will add €56 to the average annual electricity bill, and €55 to the average gas bill. The company is blaming wholesale gas increases. It is the second Electric Ireland rise in six months.
Electric Ireland has more than one million electricity customers. It has 140,000 gas customers.
Last month, SSE Airtricity announced an increase in electricity and gas prices from the middle of next month. Electricity costs are going up by 6.4pc, and gas by 12.3pc.
The increases will mean annual bills rising by €140 for dual-fuel customers.
Energia is hiking its electricity prices by 7.6pc, and gas by 12.7pc at the start of August.
This will cost an average electricity customer an extra €83 a year. Average-use gas customers of Energia will pay an extra €97 a year. A dual-fuel customer bill will increase by an average of €180 a year.
Energia raised electricity prices by 3.9pc in December, adding €35 to annual bills from that hike.
Daragh Cassidy, head of communications at price comparison site Bonkers.ie, said: “The price hikes from all the energy suppliers just keep on coming.
“And at 9.38pc, 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.”
He said energy suppliers save their best deals for new customers. This means that those people who have been with the same energy supplier for more than a year could save hundreds of euro on their energy bills by switching suppliers.
This is particularly the case for those who use both electricity and gas, he said.
“Right now, for example, a customer who’s on typical standard rates, using an average amount of energy a year, could save over €300 a year on their energy bills just by switching suppliers,” he said.
Eoin Clarke, of Switcher.ie, said there are 10 energy suppliers, and it is likely we will see all of the remaining four announce similar hikes, too.