Pinergy becomes first energy provider to cut prices in two years

A household using an average amount of electricity will save around €183 a year after Pinergy's cut. Stock Image.

Pinergy has become the first energy supplier since the sharp increase in the cost of living to announce a decrease in its energy prices.

They will decrease its standard unit rate by almost 9% from March 31. It is the first provider to reduce prices since 2020, though it still remains among the most expensive on the market.

Its standing charge will remain unchanged.

A household using an average amount of electricity will save around €183 a year.

Pinergy increased its prices last month when it hiked its standard unit rate by almost 18%.

The supplier has around 27,000 electricity customers.

Pinergy chief executive Enda Gunnell said: “We had previously committed to reducing electricity prices when circumstances and market conditions allowed. With recent reductions in the wholesale costs of electricity, we are now pleased to be able to announce this price decrease.”

Daragh Cassidy, Head of Communications for bonkers.ie, said of the news: "This is obviously welcome news and yet another sign of some normality returning to the energy market.

“However Pinergy's electricity prices were among the highest in the market before today's announcement.

“This reduction now makes them one of the cheaper suppliers - if you could use that word in today's market. But its prices are still around 8% above Electric Ireland's - the biggest electricity supplier in the market.

Other suppliers will no doubt come under pressure to follow Pinergy's reduction. 

Mr Cassidy noted that things are looking "much more positive" for homeowners who are struggling to pay the bills.

He added: "Hopefully we'll see more widespread reductions in the second half of the year. The peak of the energy crisis seems to have passed.”