Another day. Another price hike. Pinergy has this morning become the third energy supplier to announce a price increase in the space of just over a week after Flogas and Panda Power also announced increases. This comes on the back of a raft of price increases this summer, when eight out of 10 suppliers raised prices.
From 7th November, Pinergy will increase its electricity prices by 7.89%. The increase means that a typical electricity bill for customers not on a discounted tariff will increase by €1.27 per week or just over €66.04 a year. Yikes!
The second price increase from Pinergy in only three months
Pinergy only increased its electricity prices at the beginning of August by 9.38%. That increase added €71.76 to the average customer’s electricity bill. So with this new increase taken into account, Pinergy customers will now be paying on average €137.80 more each year for their electricity than they would have been at the beginning of the summer.
Pinergy has blamed the increase on the continued rise in the price of energy on wholesale international markets.
Commenting on the increase, Enda Gunnell, CEO of Pinergy said: “We very much regret another price increase to our customers so soon after the last and have minimised any changes to our tariffs in order to limit the impact. Unfortunately, there continues to be a sustained period of commodity price increases, in particular gas and oil. While we continuously work to achieve efficiencies with our customers, we are directly impacted by increased wholesale energy costs on global markets.”
Will the other energy suppliers follow suit?
In a word. Yes.
As mentioned above, eight out of Ireland’s 10 energy suppliers raised prices over the summer and it looks like history is repeating itself. And with wholesale gas and electricity prices around 50-55% more expensive compared to this time last year, energy prices are only going one way for the foreseeable future.
For a more detailed explanation as to why prices are continuing to rise, check out this guide we wrote over the summer.
How can I offset the price increases?
There are two ways you can offset the price increases and save money on your energy bills:
- Pay less for your energy by switching to a cheaper supplier
- Use less energy by monitoring your consumption
Switching suppliers is the quickest and easiest way to save money.
Most of Ireland’s energy suppliers offer heavily discounted rates to new customers. However, these deals usually expire after 12 months. At this stage, if you don’t switch, your supplier will revert your plan to standard pricing and you’ll pay more for the exact same service.
So, if you remember to switch suppliers every year, you’ll ensure that you’re always on a discounted rate, which means you’ll never pay over the odds for your energy and you’ll always get the very best value for your money. No brainer, right?
Right now you could save around €300 a year on your energy costs just by comparing and switching your gas and electricity suppliers. So why not give it a go with our energy price comparison service.
Another way to lower your energy bills is to consume less. You can do this by figuring out which appliances in your home use the most energy and then looking for ways to reduce your consumption. Using smart thermostat and heating control systems like the Hive, Nest and Climote are great for this and will provide you with valuable insights into your energy usage, where you can achieve savings as well as allowing you to control your heating from outside the home.