Pinergy 14% price hike comes into effect, adding €320 to average electricity bill

The energy firm boss said that customers that require assistance should reach out and the company would do its best to support them.

Energy provider Pinergy has seen a 14% hike in electricity prices come into effect.

The hike was announced last month and is just the latest in a slew of energy price hikes announced by all the major providers this year.

Pinergy CEO Enda Gunnell said: “Unfortunately, the momentum towards much required market structural reforms across the European energy sector have stalled in recent weeks including the possibility of a price cap on gas used for electricity generation.” 

Mr Gunnell said that they had hoped these changes would be in place quickly and that the company had delayed this price increase “for as long as possible”.

“However, the outlook on the global wholesale markets continues to be very volatile and challenging going into 2023," he said. 

"The wholesale price increases in global energy markets have been further exacerbated by local increases in regulated market charges that became effective in recent months.” 

Customer support

The energy firm boss said that customers that require assistance should reach out and the company would do its best to support them.

Pinergy added there was no change to its existing standing charges, and that it would be increasing the payment to those using solar panels and other microgeneration technologies to 25cper kWH sold back to the grid.

Comparison site Bonkere.ie said the news wasn’t wholly unexpected. 

“As just a supplier of electricity, Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices on wholesale markets," said head of communications Daragh Cassidy.

“Falling wholesale electricity prices have been in the news recently so many people might be confused at today's announcement.

“However, wholesale energy prices are still at an extremely high level. 

"At one stage during the summer, the price of gas was up by well over 1,000% on wholesale markets for example.

"So when we hear of falling energy prices we need to remember that it’s on the back of prices which were at record highs to begin with."