Panda Power is the latest gas and electricity supplier to announce its departure from the Irish energy market, following Glowpower, Bright and Iberdrola’s exit earlier this year.
If you are a Panda Power customer you may be wondering what this means for you and what sparked its decision to leave the Irish market.
Here we will tell you everything you need to know and what you can do in the meantime.
Who is Panda Power?
Panda Power is an Irish-based energy supplier owned by the Meath-based Beauparc Utility Group. It has been supplying electricity to Irish customers since 2015 and gas since 2018.
What caused Panda Power to close?
According to Panda Power, the ongoing energy crisis and the external pressures associated with this have forced the energy supplier to reluctantly exit the Irish gas and electricity market.
A statement from Panda Power explaining its departure reads:
‘Unfortunately, over the past 18 months our business has faced a series of external pressures due to unprecedented and insurmountable price increases in the international wholesale energy market which have risen by over 600% since February 2021. Forcing us as a business to pass these price increases on to our customers.’
‘We cannot justify imposing on you, our customer, the substantial price increases now necessary to stay in business.’
According to our Head of Communications, Daragh Cassidy, Panda Power’s decision to leave the energy market isn’t surprising given the state of the energy market right now.
Cassidy points out that due to Panda Power having ‘no electricity generation assets it was highly exposed to the rapidly rising price of gas and electricity on wholesale markets’, a factor that most likely contributed to its exit.
Panda Power’s departure makes it the fourth energy supplier to leave the Irish energy market this year, indicating that many energy companies are struggling financially.
What should I do?
As a Panda Power customer, you have two options.
You can either choose to switch to a new energy supplier now or you can wait and allow the Commission for Regulations of Utilities' (CRU) ‘Supplier of Last Resort’ (SOLR) process to transfer you to the CRU’s designated suppliers.
Before we take a look at these options in more detail it's important to note that Panda Power has assured customers that there’ll be no disruption to either gas or electricity supply during this migration period, so you do not have to worry about your energy supply being cut off.
Option 1: Switch energy suppliers yourself
Panda Power has stated that its customers have up until and including Wednesday 28th September to switch to a new energy supplier of their own choosing.
If you decide to switch suppliers yourself, you will not face an early exit or transfer fee from Panda Power even if you are still in contract.
As well as this, by choosing to switch providers you will be able to avail of the discounted energy tariffs that most energy suppliers offer new customers.
To discover the biggest discounts for energy customers on the market right now simply head over to our free gas and electricity comparison service.
You can also learn all about how to switch energy providers in this guide.
Options 2: Use the Supplier of Last Resort
All electricity customers will be moved to Electric Ireland and all gas customers will be moved to Bord Gáis Energy from 30th September 2022.
You should be aware that being moved automatically to these two suppliers means you won't be able to avail of the discounted tariffs these suppliers normally offer new customers. You will be moved over to these suppliers' standard rates. As a result, your energy bills could increase significantly. This is why it is a good idea to shop around and switch suppliers before 28th September.
Common questions for Panda Power customers answered
Can I move suppliers during or after the last resort process?
Once the SOLR process has gotten underway you'll then have to wait for a restricted period of time until you can move to a different gas or electricity supplier. This period of time is not fixed and will be decided by the regulator but it's likely to be around three months.
Will I receive a final invoice from Panda Power?
Yes, you will. This final invoice will be up to the date you transfer to a new supplier or up until the SOLR process kicks in.
You should continue to pay your bill in your usual payment method e.g. direct debit.
What if I am a Level Pay customer?
When you receive your final invoice, you'll also be charged any remaining balance due. Panda Power will collect this by direct debit.
Is Panda Power still issuing refunds?
Yes, Panda Power will continue to process refunds. If you aren’t a direct debit customer, you will have to contact Panda Power with your details so it can process your refund.
What happens to any credit I may have with Panda Power?
If you're owed any credit by Panda Power, you will have to deal with them directly as this credit can't be transferred over to another supplier.
This credit will be refunded into the account that you normally pay Panda Power from. However if you aren’t a direct debit customer, you'll need to contact Panda Power with your bank details so it can process your refund.
Will my waste account be impacted by the exit?
No, your waste account will not be affected. Panda Power’s exit from the market only refers to energy accounts.
If you have any remaining questions regarding Panda Power’s impending exit, check out its FAQ document on its departure.
Switch and save
Luckily, if you are a Panda Power customer you do have a short window period during which you can move to a supplier of your own choosing so you can avail of their discounted energy tariffs.
Simply head over to our free energy price comparison service to find the best value energy deals on the market.
To learn about the switching process, check out these guides below:
- Discover how you can get cheaper energy bills on bonkers.ie with our energy Quickstart Guide.
- Here we outline the switching process on our site.
- Find out how you can cancel your energy deal with a supplier today.
So start your savings journey today on bonkers.ie!
Get in touch today!
Are you a Panda customer? What do you think of its decision to leave the Irish market?