CUSTOMERS of Panda Power have until Wednesday week to find a new supplier to avoid being forced on to expensive tariffs after the company confirmed it was leaving the Irish market.
In a statement the company said what it called insurmountable price increases in the international wholesale energy market had forced it to shut up its electricity and gas supply business.
Customers have until Wednesday week to find new suppliers if they are to avoid being forced on to the most expensive tariffs for electricity and gas.
When energy providers leave, their customers get transferred to so-called ‘suppliers of last resort’.
This means they are put on the most expensive ‘standard tariffs’. These are up to 30pc higher than the best rates that can be obtained from energy providers by locking into an annual discounted contract.
Any customer whose supplier is leaving the market is being urged to switch to an existing player as fast as they can.
Panda Power customers have until Wednesday, September 28, to find a new supplier if they want to avoid the supplier of last resort process putting them on standard tariffs.
“Panda Power wishes to reassure all its customers there will be no disruption to their energy supply and that there will be an opportunity for them to choose a new supplier up to and including the 28th of September 2022,” the company said in a statement.
It added that customers that do not choose an alternative supplier will automatically transfer to the Commission for Regulation of Utilities’ (CRU) designated suppliers, Electric Ireland for electricity customers and Bord Gáis Energy for gas customers, from September 30.
Panda Power is the fourth supplier to exit the Irish market in the space of a few months following Glowpower, Bright Energy, and Iberdrola.
Panda Power said that following a strategic review of its business, it intends to make a controlled exit from the Irish energy supply market.
“The commercial decision has been reluctantly taken due to the unprecedented, sustained and insurmountable price increases in the international wholesale energy market. Wholesale energy prices have risen by over 600pc since February 2021,” the statement issued through a PR agency said. The firm does not normally engage with the media.
Meath-based Panda, which is owned by utilities company Beauparc, said it will work with all affected employees to redeploy them in the wider Group and has guaranteed that there will be no compulsory redundancies as part of this process.
A Panda Power spokesperson said: “The international energy market is facing unprecedented challenges, with wholesale energy costs having risen to unsustainable levels. Over recent months Panda Power has examined all possibilities of absorbing additional cost internally and minimising customer price increases.
“Despite our best efforts this is no longer possible, and we cannot justify imposing on customers the substantial price increases now necessary.
“We have therefore reluctantly made the decision to leave the Irish electricity and gas market in an appropriate manner, with the least possible impact on our customers.”