Households face higher energy costs as third supplier confirms price hikes

Households are facing into a winter of high energy costs, as a third supplier has confirmed it is to hike prices from November.

Pinergy is to raise its electricity prices by 7.89% from November 7, adding just over €66 onto the average annual electricity bill.

The announcement comes hot on the heels of similar announcements by Flogas and Panda Power, which both announced price increases in the last two weeks.

In September, Flogas confirmed its rates are to increase by 9.8% from November 1 — an annual increase of €80 for customers.

Panda Power followed this by confirming that its electricity and gas prices will rise by 11.1% from November 5. This will add €99 onto the average annual electricity bill and €75 onto the average annual gas bill for customers.

In August, Pinergy increased its electricity prices by 9.38%, which saw a €71.76 annual increase for electricity customers. The combination of the two Pinergy price rises amounts to €137.80 being added to average annual electricity bills in the space of just three months.

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The company says the latest hike is unavoidable, due to wholesale energy prices which have risen by 16% in the last quarter.

Managing director of Switcher.ie, Eoin Clarke, said it is “highly likely” that even more suppliers will raise prices in the coming weeks.

“We last saw a spate of hikes back in August, which sent bills shooting up by up to €180 per year. If you didn’t switch at that stage, you’re already paying over the odds for your energy - and bills are about to rise again.”

If you’re impacted by one of these price rise announcements, or you’re worried your supplier is going to raise rates, now is the time to take action. Switching to a discounted rate could save you hundreds of euro — and there are also fixed-rate plans on the market if you want some extra peace of mind,” he said.

Mr Clarke advised customers who did switch during the last round of price hikes, that they still may have to pay an exit fee if they decide to switch again and break their contract early: “However, there are discounts available for things like paying by direct debit, and receiving bills online, so it’s worth contacting your supplier to discuss these options. You can also cut back on your bills by implementing some energy-saving measures at home. Either way, it’s really important that you don’t just sit back and let these hikes take hold, as they’re going to have a huge impact on your bills.”