Pinergy’s latest increase will add hundreds of euro to the average customer’s annual bill and will affect thousands of electricity customers across the country.
Pinergy is the latest energy supplier to announce a price increase for its customers.
The price change will come into effect from 5th September 2022 and is its first increase in nine months.
The energy supplier said it made the decision in response to the 'unprecedented volatile and upward pricing trends in the wholesale energy markets both domestically and globally'.
Here’s all you need to know.
Pinergy price change
Pinergy has announced that its standard electricity rate will increase by 18% from 5th September.
The energy supplier has also announced a whopping 30% increase to its daily standing charge and a 24% increase to its prepay service charge.
All together, this will add approximately €375 a year to the average customer’s annual bill.
Pinergy raised its prices five times in 2021, the last of which was in December, when it upped its prices by 19%.
When all increases over the past 18 months or so are taken into account, customers are looking at paying over €1,150 more for their electricity, highlighting the scale of the global energy crisis.
Pinergy has around 27,000 mainly prepay customers.
Speaking about the price increase, Pinergy CEO, Enda Gunnell said:
As an independent energy supplier, we have absorbed as much of the current wholesale pricing increases as we could over recent months. The outlook remains challenging as the global wholesale energy markets face further volatility over the coming months.
Frustratingly, this winter, Irish households and SMEs will have to face higher energy prices in a market that we believe needs reform. The Irish energy supply market is changing, and we have seen several suppliers simply exit citing the structural challenges in Ireland. We need to create a more level playing field for all energy suppliers.
All Pinergy customers have access to the Pinergy smart app which allows them to see detailed info on their energy consumption in near real-time every day of the week.
This winter, Pinergy says it will be urging its customers to make sure they access the app to gather insights on their electricity usage to help reduce usage.
Pinergy estimates that between 15% and 20% of energy in the home can be wasted.
Price hikes in 2022
Pinergy’s latest announcement now makes it one of more than 10 active energy suppliers to have announced a price increase so far in 2022.
Listen back to our Head of Communications, Daragh Cassidy discuss Electric Ireland's latest increase coming into effect recently on Morning Ireland.
Save on your energy bills
Despite continuing rising prices, there is still huge competition among many of the energy suppliers in Ireland for new customers with big discounts available to those who switch.
For example, the average switcher could save over €900 a year just by changing their supplier. However some switchers could save well over €1,000, especially if you haven’t switched in several years!
It's super quick and easy to switch and it can all be done online in the space of a few minutes online on bonkers.ie. You don’t even have to contact your existing supplier to let them know you’re leaving.
We're here to help
If you’re seeking advice when it comes to switching, have a look at our guide on how to switch gas and electricity supplier. We’d also recommend taking a look at seven things to consider when changing supplier.
Here’s a guide on how to read your gas and electricity meter and some frequently asked questions by our customers who are switching.
Stay in touch
What do you think of the latest increase from Pinergy? If you’re a Pinergy customer are you considering switching? Let us know in the comments below.