Pinergy is the latest electricity supplier to increase its prices as the global energy crisis deepens. The company is increasing the unit price of its electricity by 18% from September 5.
Customers have been left feeling the pinch in their pocket it again and the bad news from Pinergy did not end there on Friday. They are also hiking their daily prepay meter charge by 24% and its daily standing charge by 30%.
Prepay customers with all suppliers pay an additional charge for their prepay meter as well as the daily standing charge all normal billpay customers pay.
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The move will impact around 27,000 customers. The increase will add around €375 a year to the average customer's electricity bill.
This is Pinergy's first price increase of the year but its the sixth increase from the firm since the start of 2021, the last of which was in December, when it upped the price of its electricity by 19%.
When all price increases since the start of 2021 are taken into account, Pinergy customers will be paying around €1,150 more for their electricity after September 5 than they were on January 1, 2021.
This latest increase, however tough on householders, had been expected given the continued record price of gas on wholesale markets due largely to the continuing war in Ukraine but customer are urging the government to help ordinary people.
Some energy company's have been reporting huge profits in the last number of months after imposing huge price hikes on customers.
Last year there were over 35 price hike announcements from Irish energy suppliers and the trend has continued into this year with all suppliers announcing massive rises.
Commenting on the news, Daragh Cassidy, Head of Communications at bonkers.ie says:
“Today’s news was expected unfortunately given all the recent price increases that we’ve seen and the continued elevated cost of gas on wholesale markets. However it doesn’t make the news any easier to digest.
“As just a supplier of electricity, Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices.
“We’re heading into this winter with energy prices at absolutely astronomical levels and it’s set to get worse. It’s likely we’ll see another round of price hikes in a few weeks.
“To say these are unprecedented times is an understatement.
“Since January 2021, the average electricity bill has gone up by around €900 a year and the average gas bill by around €800.
“The Government needs to decide now how it plans to help households over the coming months. Is the temporary reduction in VAT being kept? Is another energy credit going to be paid? Is the Government going to place a windfall tax on energy companies - and if so, how would this even work when many are headquartered overseas?”
Households looking to offset the price increases are being advised that the quickest and easiest way to save money on their energy bills is to compare prices and switch to a cheaper supplier.
“Despite the rising prices, there is still good competition among energy suppliers in Ireland for new customers right now and many are offering big discounts for a year to those who switch. Switching will help take the sting out of recent price increases and is absolutely essential this autumn.
“I’d also encourage households to check out any Government supports which are available such as the winter fuel allowance, the free electricity allowance and the exceptional needs payment. Some suppliers have also set up hardship funds which will provide financial support to those most in need so I’d encourage people to chat to their suppliers too.”
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