Business Personal Finance

Saturday 22 September 2018

Consumers face further costs as two more energy providers hike prices

Six electricity and gas providers to increase their prices from the start of next month


Charlie Weston Personal Finance Editor

Two more energy firms have announced price rises.

That takes to six the number of providers of electricity and gas that have said they would increase their prices from the start of next month.

Both Panda Power and Pinergy announced price increases within minutes of each other, becoming the fifth and sixth energy suppliers to do so since the beginning of June.

Electric Ireland (which is the retail arm of the ESB), 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.

Head of communications at price comparison site Daragh Cassidy, 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 over 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.

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