PrePayPower has just become the seventh supplier in five weeks (and third today!) to announce unit price hikes, effective from December 1st. The supplier is increasing its electricity unit prices, which will add around €34 to the average user’s annual electricity bill.
PrePayPower joins the likes of SSE Airtricity, Bord Gáis Energy, Electric Ireland, Energia and Pinergy in an unprecedented wave of price increase announcements over the last number of weeks.
By how much will my bill go up?
According to the supplier, the increase will be approximately 0.09 cent a day or €2.83 per month. This is the first increase which PrePayPower has had to pass on to customers since 2014.
Why is PrePayPower increasing prices?
Much like the other suppliers on the list, PrePayPower cites rising wholesale costs as the main contributing factor behind the increases, along with increased distribution charges.
PrePayPower’s website had the following to say on the matter:
“All Electricity Suppliers buy electricity (which is supplied to you) from the wholesale electricity market. Wholesale electricity prices have increased significantly both globally and in Ireland which has resulted in increasing prices being passed on to suppliers and in turn, their customers. The price of distributing energy along the networks has also risen causing price increases for suppliers and in turn their customers.”
Cathal Fay, CEO of PrePayPower said; "We regret having to increase prices after being able to pass on reductions in price for so long. We are committed to keeping our standard unit rate as low as possible for our customers".
For full details on the changes to specific tariffs, see PrePayPower’s website.
Beat the price hiking trend
It’s been a rough couple of months for energy consumers but the good news is there are ways to beat price increases and find a better deal in the process. If you’re out of contract with your current supplier you should consider switching to a new supplier. The whole process takes just a few minutes using our price comparison calculator and you could save yourself an average of €360 by doing so!
Check out the video below for more ways to save money on your electricity bills: