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Fifth energy firm is set to reduce prices amid calls for greater cuts

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(stock photo)

(stock photo)

(stock photo)

Green energy provider Pinergy has become the fifth supplier to cut its prices.

The company said it will reduce electricity prices by 2.6pc in a move that will save a typical household €23 a year.

It comes after cuts by Electric Ireland, Bord Gáis, PrePayPower.ie and SSE Airtricity.

There is now an expectation that more suppliers will reduce their prices. There are 12 energy suppliers in the residential market.

But an energy expert said households were being short-changed as the cuts were small compared with how far wholesale energy costs have fallen.

Pinergy said prices will reduce from June 1.

The firm's chief executive, Enda Gunnell, said this is a difficult time for many people during the Covid-19 crisis.

Mr Gunnell said the company is working with customers who have been impacted by the virus.

"Our teams are available, and I'd encourage any customers who have concerns about their energy plans to contact us. We will do our best to help," he said.

Pinergy offers energy through a pre-paid metering system.

Energy suppliers have introduced a number of measures for customers using pre-paid electricity and gas meters who may be unable to top up their meters because of illness, self-isolation or a drop in income.

The measures have been implemented by the Commission for Regulation of Utilities.

They include a moratorium on all energy disconnections, an increase in emergency credit on meters and solutions for bill customers experiencing payment difficulties.

A number of reductions in energy prices have been announced for consumers, but there has been criticism that the lower prices are only due to come into effect later in the spring, after the peak winter period.

Daragh Cassidy of price comparison site Bonkers.ie said consumers were being short-changed by the latest cuts from providers.

The Bord Gáis Energy Index fell 37pc in March due to an unprecedented drop of 55pc in oil prices as Covid-19 spread to every corner of the globe, cutting growth and energy demand.

Mr Cassidy said: "The 2.6pc price reduction from Pinergy pales in comparison with the price falls we've seen recently on wholesale energy markets, meaning customers are likely to feel short-changed by the latest announcement.

"Some major suppliers, such as Energia, have also failed to pass on any price decreases whatsoever," he added.

He said he was expecting further price falls for customers in the coming weeks.

Irish Independent