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Pinergy imposing sixth price hike in 18 months

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Energy prices are rising at regular intervals.

Energy prices are rising at regular intervals.

Energy prices are rising at regular intervals.

ELECTRICITY supplier Pinergy is increasing its prices from next month.

The price of electricity for those on a pre-pay meter will rise by 24pc from September 5.

For those who are billed regularly by Pinergy the increase is 19.2pc.

The increases work out at an extra €375 a year for the average customer.

The supplier is increasing both its unit rates and its daily standing charge by 30pc.

It is the sixth rise in 18 months, with the company blaming what it said was volatile and upwards pricing trends in wholesale energy markets.

When all price increases since the start of 2021 are taken into account, Pinergy customers are paying around €1,150 more for their electricity, according to calculations by Daragh Cassidy of price comparison site Bonkers.ie.

Pinergy offers customers pre-pay meters, and has also being offering bill pay options to customers lately. It does not generate its own electricity, but is instead is a re-seller of power.

Chief executive Enda Gunnell said it was the first price rise for nine months.

“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,” he said.

Mr Gunnell warned that households and small firms are facing higher energy prices winter, and called for reform of the market.

He has in the past called for more investment in the Irish electricity system.

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Mr Cassidy of Bonkers.ie said: “This rise 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.”

He said Pinergy was only a supplier of electricity, and not a generator.

“As just a supplier of electricity, Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices.”

Mr Cassidy said we are heading into this winter with energy prices at “absolutely astronomical levels and it’s set to get worse”

He said it is likely we will see another round of price hikes in a few weeks.

Since January 2021, the average electricity bill has gone up by around €900 a year and the average gas bill by around €800, Bonkers.ie said.

Last week Panda Power said it is increasing its electricity prices by 12.7pc and its gas bills by 25.8pc from August 25.

This is Panda’s second price increase this year. It last raised its prices in May.

Last year it increased electricity prices five times and gas prices four times.

And on Monday round 1.2 million Electric Ireland customers were hit with combined further increases of €477 for gas and electricity.

It is the fourth price rise in a year-and-a-half from the supplier.

Hard-pressed households here have faced 58 energy price hikes in 18 months.

Households are expected to have to fork out an extra €1,500 a year on power and heating bills.

UN Secretary General Antonio Guterres accused oil and gas companies of making “excessive” profits from the energy crisis sparked by the war in Ukraine. He said it was “immoral”.

Mr Guterres called for a windfall tax on energy companies, pointing out that combined profits of the largest energy firms in the first quarter were nearly €100bn.


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