Panda Power and Pinergy become latest power suppliers to raise prices

Two more energy suppliers have announced price hikes for customers in Ireland.

Panda Power and Pinergy have become the latest power suppliers to raise their prices. They have followed the likes of Energia, SSE Airtricity, Electric Ireland, and Flogas who also increased their rates in the past month.

Panda Power and Pinergy have both said that they will increase their residential energy prices from August 1, 2018.

They have both cited the continued increase in wholesale energy costs on global markets as the reason for the price hike.

Panda Power will increase its standard unit rate electricity price by 5.9% and its gas price by 5%.

The increases will add almost €48 a year to the average customer’s electricity bill and €32 a year to the average gas bill.

Pinergy, meanwhile, has announced a 9.38% increase in its electricity price, which will add around €72 a year to the average bill. Head of Communications, Daragh Cassidy, said: “The price hikes from all the energy suppliers just keep on coming.

"And at 9.38%, Pinergy’s price hike is the largest electricity increase to be announced so far and will certainly be felt in people’s pockets when summer ends and the heating gets turned back on.

Energy suppliers invariably save their best deals for new customers. - Daragh Cassidy.

"So if you’ve been with your current energy supplier for over a year, our advice is always to shop around and look into switching over to a better deal. It’s surprisingly quick and easy to do and you can save hundreds.

"Right now, for example, a customer who’s on typical standard rates, using an average amount of energy a year, could save over €300 a year on their energy bills just by switching suppliers”.

More in this Section

European stocks fall as Turkey fears heighten

Investors not sold on Air France boss

Greece not out of the woods

Eurozone borrowing demand set to increase, says ECB

Today's Stories

Doubts Donald Trump’s growth spurt can be sustained

More From The Irish Examiner