Panda Power confirms it gives customers days to switch to avoid higher prices

Panda Power CUSTOMERS have until Wednesday week to find a new supplier to avoid being forced into expensive tariffs after the company confirmed it is exiting the Irish market.

In a statement, the company said insurmountable price hikes in the international wholesale energy market have forced it to shut down its electricity and gas supply business.

Customers have to look for new providers by Wednesday week in order not to be forced to pay the most expensive tariffs for electricity and gas.

When energy suppliers drop out, their customers are transferred to so-called “suppliers of last resort”.

This means that they are put on the most expensive “standard tariffs”. These are up to 30 percent higher than the best rates you can get from energy suppliers by taking out an annual contract at a discount.

Any customer whose provider is exiting the market will be encouraged to switch to an existing provider as soon as possible.

Panda Power customers have until Wednesday 28 September to find a new provider if they want to avoid being put on standard tariffs by the provider of last resort.

“Panda Power would like to reassure all of its customers that there will be no disruption to their power supply and that they will have the opportunity to choose a new supplier up to and including September 28, 2022,” the company said in a statement.

It added that customers who do not opt ​​for an alternative supplier will automatically switch to the Commission for Regulation of Utilities (CRU) nominated suppliers, Electric Ireland for electricity customers and Bord Gáis Energy for gas customers, from September 30.

Panda Power is the fourth supplier to leave the Irish market in just a few months, after Glowpower, Bright Energy and Iberdrola.

Panda Power said it intends to complete a controlled exit from the Irish utility market after a strategic review of its business.

“The commercial decision was made reluctantly due to unprecedented, persistent and insurmountable price increases in the international wholesale energy market. Wholesale energy prices have increased by over 600 percent since February 2021,” a public relations agency said in a statement. The company does not usually work with the media.

Meath-based Panda, which is owned by utility company Beauparc, said it will work with all affected staff to reinstate them across the wider group and has guaranteed there will be no redundancies as part of the process.

A Panda Power spokesman said: “The international energy market is facing unprecedented challenges as wholesale energy costs have risen to unsustainable levels. In recent months, Panda Power has examined all possibilities of absorbing additional costs internally and minimizing price increases for customers.

“Despite our best efforts, this is no longer possible and we cannot justify imposing the significant price increases now required on customers.

“We have therefore reluctantly taken the decision to exit the Irish electricity and gas market in a reasonable manner with the least possible impact on our customers.” Panda Power confirms it gives customers days to switch to avoid higher prices

Fry Electronics Team

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