Wednesday 23 October 2019

PrePayPower becomes latest energy provider to announce price hike

Stock photo
Stock photo

Charlie Weston Personal Finance Editor

An eighth energy provider has announced a price rise.

PrePayPower said it would increase the price of its electricity and gas by 3.9pc each from the first day of April.

It comes days after Electric Ireland said its 1.1 million customers would be hit with a price hike from the start of April.

Both PrePay Power and Electric Ireland had price freezes in place up to now.

The rises for PrePay Power customers will add around €50 a year to the average electricity bill and €35 to the average gas bill, a spokesman for price comparison site Bonkers.ie said.

PrePayPower says it is one of the fastest growing energy market firms in this country.

Only set up in 2010, it has 140,000 pay-as-you-go electricity customers, and 42,000 gas customers.

PrePayPower installs meters in customers’ homes, which allow them to pay for their electricity as-they-go via a smartphone app, online or in-store.

The meters also allow customers to monitor energy usage in the home via a smartphone app or online.

A spokesman for PrePayPower stated: “We introduced the price freeze to give our customers certainty during the winter period when energy use is highest.

“But wholesale energy prices continue to rise and we have no option now but to increases prices from the April 1.”

The spokesman added that it was last major supplier to announce such an increase.

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