Another spike in energy prices is on the horizon as the Arctic cold ravages the country

The electricity supplier Pinergy is increasing its prices again.

The latest change comes into effect on January 9thth result in a 14 percent increase in typical household expenses.

That makes 320 euros a year, according to the company.

But if you look at the unit rate, it’s up 18 percent.

The lower value declared by the company allows for a PSO levy refund and lower VAT.

Nothing will change in Pinergy’s existing basic fees.

It said it will increase the payment for those using solar panels and other microgeneration technologies under its MicroGen plan to 25 cents per kWh for excess electricity sold back to the grid.

It’s the seventh rise in 18 months, with the company blaming volatile and rising price trends in wholesale energy markets, it said.

Pinergy offers prepaid meters to customers and more recently has also been offering bill payment options to customers. It does not generate its own electricity but is a reseller of electricity.

Enda Gunnell, Chief Executive of Pinergy, said: “Unfortunately, momentum towards much-needed market structural reforms across Europe’s energy sector has stalled in recent weeks, including the possibility of a price cap on gas used to generate electricity. We had hoped these changes would be implemented quickly and had delayed this increase for as long as possible.”

He said the outlook for global wholesale markets remains very volatile and challenging into 2023.

The rise in wholesale prices in global energy markets has been further exacerbated by local increases in regulated market fees that have come into effect in recent months, Mr Gunnell said.

He said any customers who need additional support should contact Pinergy as a first step.

Daragh Cassidy said: “This news was not entirely unexpected.

“As a pure power supplier, Pinergy does not earn any money from power generation and is therefore heavily exposed to rising energy prices on the wholesale markets.

“Falling wholesale electricity prices have been in the news lately, so many people may be confused by today’s announcement.”

Mr Cassidy said wholesale energy prices are still at extremely high levels. During the summer, for example, the gas price on the wholesale markets rose by well over 1,000 percent at times. So when we hear about energy prices falling, we need to remember that it was on the back of prices that were at record highs to begin with.

He said wholesale electricity prices fell more than 50 percent in October compared to September, but rose again in November.

“Also, utilities are buying their energy for delivery at different times of the year and up to 12 or 18 months in advance through hedging.”

In October, a number of price increases were implemented at a number of suppliers.

In the last year and a half there have been around 60 separate announcements of price increases.

As a result, the cost of heating and lighting a typical electricity and gas home has more than doubled to around €4,000 per year.

This month, most people should have received their first three energy credits from the government, this time worth €200. Another spike in energy prices is on the horizon as the Arctic cold ravages the country

Fry Electronics Team

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