Electricity supplier Pinergy has become the first Irish energy company to cut their prices in three years.
The reduction will see the typical household bill fall by 7.1%. For its 30,000 residential customers, this will result in an average saving of €183 on an estimated annual bill.
The price cut will kick in on March 31. Pinergy have increased their rates multiple times of the past two years, with their most recent price hike kicking in last month.
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Pinergy CEO, Enda Gunnell, says: “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. However, the outlook on global wholesale markets continues to show inflated & volatile pricing over the medium term.
“The Energy Markets Crisis has not gone away, and market reforms of the Energy sector are still urgently required. We continue to engage with regulators and policy makers to urge reform for energy users, generators & suppliers across the marketplace.”
Europe's wholesale gas prices have plummeted to an 18-month-low, as the worst of the crisis fades. The third Government energy credit worth €200 will be issued next month.
A new range of supports to help with the cost of living will be signed off by Government this week, though the scale of the package is expected to be considerably less than the one announced in Budget 2023.
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