Electricity rates to fall as market hots up

The newest entrant to the Irish electricity market should drive further competition between utilities and is good news for consumers, according to a price-comparison website.

Simon Moynihan of bonkers.ie said Panda Power’s electricity rates fractionally beat the previous lowest rate set earlier this week by Energia. The customers who switch to the new utility from Electric Ireland’s standard rates can save €160 a year on average.

The Panda Group recorded €95m annual turnover in 2014 and the company has indicated that it will look at targeting its existing 150,000 customers who avail of its domestic waste services.