New electricity supplier enters Irish market with some of the cheapest standard rates
A NEW energy company has entered the market, with some of the cheapest standard electricity tariffs.
BEenergy, which is part of Northern Irish company Budget Energy, has the lowest standard unit rates on the market.
It also has the lowest standing charge, and it is offering one month’s free electricity to new customers.
It is the first new entrant to the market since Panda Power started selling energy to households in 2015.
It brings to eight the numbers of suppliers to consumers in the market.
BEnergy will not offer a discounted plan, but is has the lowest standard unit rates and standing charge, according to Eoin Clarke of price comparison site Switcher.ie.
He said consumers who sign up will save up to €72 a year on the one month’s free electricity deal being offered by the new entrant.
The fact that there is no discounted offer means that switchers are unlikely to make the biggest possible savings by moving to the new supplier.
Energia will still offer the cheapest discount deal with its Clever Electricity offer. This works out at €909 a year for a typical household, Mr Clarke said.
The BEnergy deal works out at €1,127 a year.
However, most people are on standard plans as the majority of people to not switch to get the best offers. This means they are likely to be paying more than is being charged by BEnergy.
Mr Clarke said: “The latest Commission for Energy Regulation data shows eight in ten of electricity customers are on standard plans – and BEnergy’s standard rate is the lowest one out there.”
Energy companies try to win market share by offering discounted plans to switchers. Savings of €226 a year can be made by switching.
But most people stay on standard rates with their existing supplier.