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Pinergy implements sixth price increase in 18 months

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The electricity supplier Pinergy will increase its prices from next month.

The price of electricity for those with a prepaid meter will increase by 24 percent from September 5.

For those billed regularly by Pinergy, the increase is 19.2 percent.

The increases add up to an additional €375 per year for the average customer.

The supplier increases both its unit rates and its daily base fee by 30 percent.

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

If you take into account all price increases since the beginning of 2021, according to calculations by Daragh Cassidy from the price comparison portal Bonkers.ie, Pinergy customers pay around 1,150 euros more for their electricity.

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.

Chief Executive Enda Gunnell said it was the first price increase in nine months.

“As an independent energy supplier, we have absorbed as much as possible from the current wholesale price increases over the past few months. The outlook remains challenging as global wholesale energy markets face further volatility in the coming months,” he said.

Mr Gunnell warned that households and small businesses will face higher energy prices in the winter and called for the market to be reformed.

He has in the past called for more investment in Ireland’s electricity system.

Bonkers.ie’s Mr Cassidy said: “Unfortunately this increase was expected given all the recent price increases we have seen and the persistently high cost of gas in the wholesale markets. But that doesn’t make the news any easier to digest.”

He said Pinergy is just an electricity supplier and not a generator.

“As a pure power supplier, Pinergy does not earn any money from power generation and is therefore exposed to sharply rising energy prices.”

Mr Cassidy said we’re going into this winter with energy prices at “absolutely astronomical levels and it’s only going to get worse”.

He said it was likely that we would see another round of price hikes in a couple of weeks.

Since January 2021, the average electricity bill has increased by around €900 a year and the average gas bill by around €800, according to Bonkers.ie.

Last week, Panda Power announced that it would increase its electricity prices by 12.7 percent and its gas bills by 25.8 percent from August 25.

This is Panda’s second price increase this year. Most recently, they increased their prices in May.

Last year it quintupled electricity prices and quadrupled gas prices.

And on Monday around 1.2million Electric Ireland customers were hit by further increases totaling €477 on gas and electricity.

It’s the provider’s fourth price increase in a year and a half.

Troubled households here faced 58 energy price hikes in 18 months.

Households will have to shell out an additional 1,500 euros a year for electricity and heating costs.

UN Secretary-General Antonio Guterres accused oil and gas companies of making “excessive” profits from the energy crisis triggered by the war in Ukraine. He said it was “immoral”.

Mr. Guterres called for a windfall tax for energy companies, noting that combined first-quarter profits for the largest energy companies were nearly €100 billion.

https://www.independent.ie/business/personal-finance/latest-news/pinergy-imposing-sixth-price-hike-in-18-months-41892245.html Pinergy implements sixth price increase in 18 months

Fry Electronics Team

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