Pinergy has become the latest energy provider to announced an increase in electricity prices, its first hike in nine months after five price increases in 2021, affecting around 27,000 customers
The company will increase standard residential electricity prices from 5 September, citing "unprecedented volatile and upward pricing trends in the wholesale energy markets both domestically and globally."
It expects that the price change will result in a 19.2% increase to the typical household cost, with consumers likely to spend an additional €7.21 per week, including VAT, based on a domestic customer using typical consumption per annum on standard tariffs.
Darragh Cassidy of Bonkers.ie estimated that the increase will add €375 per year to the average customer's bill, with Pinergy customers now estimated to pay around €1,150 more for electricity annually compared to the start of 2021.
"As an independent energy supplier, we have absorbed as much of the current wholesale pricing increases as we could over recent months. The outlook remains challenging as the global wholesale energy markets face further volatility over the coming months," said Enda Gunnell, CEO of Pinergy.
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“Frustratingly, this winter, Irish households & SMEs will have to face higher energy prices in a market that we believe needs reform. The Irish energy supply market is changing, and we have seen several suppliers simply exit citing the structural challenges in Ireland. We need to create a more level playing field for all energy suppliers."
He added: “Pinergy customers are empowered with the latest in smart technologies that allows them to see their energy consumption day in day out. This winter, we will be urging our domestic customers to make sure they access our App and gather their own insights on their electricity usage.
"We estimate that between 15% and 20% of energy in the home can be wasted. We all know the cheapest unit of energy is the unit of energy that you don’t use. We will also do our best to help those customers who may need assistance with the persistent rising energy costs.”
From Monday, 5 September, Pinergy will charge a 24-hour standard rate of 39.77 cent per kWh, with a standing charge of 71.25 cent per day. The daytime standard rate will rise to 40.84 cent per kWh while the night-time standard rate will increase to 29.98 cent per kWh, and the standing charge will be 78.87 cent per kWh. All charges are exclusive of VAR.
Commenting on the announcement, Cassidy said: "Today’s news was expected unfortunately given all the recent price increases that we’ve seen and the continued elevated cost of gas on wholesale markets. However it doesn’t make the news any easier to digest.
“As just a supplier of electricity, Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices.
“We’re heading into this winter with energy prices at absolutely astronomical levels and it’s set to get worse. It’s likely we’ll see another round of price hikes in a few weeks."
