Energy provider Panda Power has confirmed that it will be making a controlled exit from Ireland's electricity and gas market due to unsustainable price increases in the wholesale energy market.
Around 50,000 electricity and 10,000 gas customers will be affected by the decision.
The move comes after Glowpower, Bright Energy and Iberdrola all exited the Irish market earlier this year.
Following a strategic review of its business, Panda Power said the commercial decision had been reluctantly taken due to the "unprecedented, sustained and insurmountable" price increases in the international wholesale energy market.
It stated that wholesale energy prices have risen by over 600 per cent since February 2021.
The company said it wishes to reassure all its customers there will be no disruption to their energy supply and that there will be an opportunity for them to choose a new supplier up to and including the 28th of September 2022.
Customers that do not choose an alternative supplier will automatically transfer to the Commission for Regulation of Utilities' (CRU) designated suppliers, Electric Ireland for electricity customers and Bord Gáis Energy for gas customers, from 30th of September 2022.
The energy supplier also said it would work with all affected employees to redeploy them in the wider Group and has guaranteed that there will be no compulsory redundancies as part of this process.
A Panda Power spokesperson said: "The international energy market is facing unprecedented challenges, with wholesale energy costs having risen to unsustainable levels.
"Over recent months Panda Power has examined all possibilities of absorbing additional cost internally and minimising customer price increases.
"Despite our best efforts this is no longer possible, and we cannot justify imposing on customers the substantial price increases now necessary."
"We have therefore reluctantly made the decision to leave the Irish electricity and gas market in an appropriate manner, with the least possible impact on our customers."
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