The energy regulator has warned Panda Power’s customers that they have only a few days to switch to a provider of their choice or face higher tariffs.
The Commission for Regulation of Utilities (CRU) said Panda Power customers should switch providers before the close of business on Wednesday.
Panda became the fourth energy company to leave this market when it finally confirmed earlier this month that it was exiting the energy market.
It has around 60,000 electricity and gas customers.
It comes after Spanish energy giant Iberdrola pulled out of the housing supply market here, and GlowPower and Bright Energy left as victims of the energy crisis.
Panda customers must act to avoid being forced into 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.
Under CRU Rules, Electric Ireland is the designated electricity supplier and Bord Gáis Energy is the designated gas supplier to Last Resort.
The regulator said all Panda Power customers will automatically switch to Electric Ireland and Bord Gáis Energy for 90 days at those providers’ standard tariffs for electricity or gas.
However, customers can still switch providers from Panda Power to a provider of their choice up to and including September 28 without incurring a cancellation fee.
Once a customer has switched, the CRU said they should contact Electric Ireland and Bord Gais Energy to discuss other tariff offers available to them.
It also advised Panda Power customers to submit a meter reading to ESB Networks or Gas Networks Ireland to ensure an accurate reading can be transmitted to any new supplier they switch to and to avoid an estimated meter reading that is higher Catch-up bills risked.
The CRU has directed Electric Ireland and Bord Gáis Energy to contact affected customers who have not switched to a new supplier following the Transfer to inform them of this switch and their future energy supply options.
This is intended to offer customers who have not switched to a new provider a tariff to stay with Electric Ireland or Bord Gáis Energy, or give those customers the option to opt out after the 90-day period, which ends on December 29 to switch to another provider.
Meanwhile, those who don’t have smart meters have been advised by Bonkers.ie to submit a meter reading this week.
Because in the next month around two million electricity customers and half a million gas customers will be affected by massive price increases.
Those who don’t submit a meter reading could end up paying at the new higher rate for units used before the October price increase.
https://www.independent.ie/business/personal-finance/latest-news/panda-power-customers-have-just-days-to-switch-42017730.html Panda Power customers only have a few days to switch