Five energy suppliers have now increased their residential energy prices since the beginning of 2021.
Panda Power is the fifth and latest energy supplier to announce an electricity price increase for residential energy customers here.
Its electricity prices are set to increase by 7.5% while its gas prices will remain unchanged.
The price increase will come into effect from April 8th.
Meanwhile, the energy supplier has blamed a ‘sustained rise in external costs, including network and market charges’ as the reason for the price hike.
What will it cost?
For the average residential energy customer the increase will add an extra €85 or so to their annual electricity bill.
However, Panda Power has assured customers on discounted plans that the increase to their yearly bill will be significantly lower.
Brendan Traynor, Managing Director, Panda Power commented on the increase:
It's unavoidable due to increasing external wholesale market and network costs. We have kept this increase as low as possible and we remain committed to offering our customers long-term value and discounted rates every year that they are with us.
What other suppliers have increased prices?
A total of five suppliers have announced increases to their energy costs since the beginning of this year.
SSE Airtricity was the first supplier to step out and with an increase of 6.2% and 4.5% to the cost of its electricity and gas prices respectively.
Fellow renewable energy supplier Pinergy followed with a 4.2% electricity increase, while Glowpower announced it would be increasing the prices of its Glow Simple 21 and Glow More electricity tariffs from April 2nd, 2021.
Before Panda Power’s announcement the latest supplier to announce was Energia whose increase to its electricity prices alone is expected to add around €100 to the average customer’s annual bill.
If you’re wondering why prices are increasing so much, take a look at our explainer here.
Compare, compare, compare!
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