Pinergy and SSE Airtricity increase prices from today - East Coast FM

Image audioImage Pinergy and SSE Airtricity increase prices from today - East Coast FM

Around 350,000 households in Ireland are facing an energy price hike today, as two providers increase their rates.

SSE Airtricity is increasing its gas and electricity prices by just over 9%, which will add an average of €115 to a household's annual gas and electricity costs. Meanwhile, Pinergy is upping its electricity prices by 19%. This will add around €300 to the average annual energy bill.

Daragh Cassidy, Head of Communications here at bonkers.ie, appeared on East Coast FM to discuss the ongoing energy crisis and the implications of the latest price increases.

Listen back to the interview above or review the main points discussed by Daragh below.

A year of energy crisis

It wouldn’t be an overstatement to say that 2021 has been a year of energy crisis. There have been 35 price hike announcements and there could even be some more - the year isn’t over yet!

Some suppliers, like Pinergy, have raised prices five times. Most have raised prices at least two or three times. The result is that the price of gas and electricity for households in Ireland, and in a lot of Europe, has never been higher.

We’ve seen inflation creep up, it’s at 5.1% according to the CSO. It’s probably going to increase again over the next few weeks. Energy costs are a huge reason for that. 

When you add up all the price increases from Pinergy and SSE Airtricity, customers of Pinergy on average are looking at almost paying €800 more a year for their electricity. SSE Airtricity customers can expect to pay around €300 extra for their electricity and €200 for their gas a year.

Is Pinergy a pay as you go company?

Yes, Pinergy is a pay as you go electricity provider. Prepay Power is the main pay as you go provider.

Prepaid electricity can be quite popular because you don’t have an extra bill and it’s convenient not to worry about having a direct debit. Pay as you go can be quite expensive though. 

It does work for some people, who may find they use a bit less energy because they’re so conscious of the meter running. You pay a premium on the price of the electricity and you pay as well for the prepaid meter. Everyone pays a standing charge, but you pay extra to pay as you go.

I would advise anyone who is on prepaid electricity to consider changing to direct debit online billing, as it’s way cheaper. If there’s one winter you don’t want to be overpaying for your gas and electricity, it’s this winter. Prices have never been higher.

You can learn more about pay as you go electricity in this guide.

When will people notice the price increase?

There’s been a lot of talk about energy prices going up and people do see it when they pass the petrol station. They can see that the price of diesel and petrol is going up when they fill their tank. 

However these gas and electricity price increases might not have hit home yet for a lot of people, as we’ve yet to receive our first main winter bill. I think over the next few weeks and when people get their January bills, there’s going to be a lot of shocked households. 

It also doesn't help that we’re spending more time at home because of Covid.

Is this temporary or is this forever?

You’d hope it’s temporary. Some people are blaming Russia for stoking geopolitical concerns and turning down the gas pipes, but a lot of it comes back to Covid. 

Covid created a lot of supply chain bottlenecks worldwide and this had put upward pressure on prices, including within the energy industry. As things reopened, prices have increased. 

Experts are saying that hopefully by February or March, we’ll see things begin to ease back a little bit. However it could be a while until we see prices decrease for gas and electricity because price increases have been huge. Some suppliers have raised the price of their gas and electricity cumulatively this year by around 60%.

Take a look at this blog to learn about why energy prices are on the rise for more information.

How to offset price increases

There are things you can do around the home, such as turning down the thermostat, tackling draughts, putting in LED light bulbs and unplugging appliances when not in use. You can discover 15 ways to use less electricity and save in this blog.

All of these changes around the home help and it all adds up, but it does still pay to switch.

If you do switch, you’ll get a discount. There are 14 energy suppliers in the market at the moment and most of them are still competing aggressively for new business.

If you were to switch to a big company, such as Electric Ireland, Energia or SSE Airtricity, they’ll give you a discount of 30-40% in some cases for a year. This means that on average you could spend €600 less than you would by not switching.

If someone switched from the most expensive energy suppliers to one of the cheapest for both gas and electricity and used an average amount of energy, they could save over €1,500.

What if you’re still in contract? 

If you haven’t been with your current supplier for a year, then there will be an early exit fee for switching. This cancellation fee is usually around €50 per fuel, so it’s not a huge amount.

You can learn more about energy cancellation fees in this blog.

Switch and save on bonkers.ie  

Only around 20% of households switch their electricity and gas every year. There are households out there who haven’t switched in years and are paying top dollar.

If you’re one of many who hasn’t switched, why not do so now? You can switch right here on bonkers.ie in a matter of minutes.

Simply head over to our energy comparison page to find a cheaper deal today. It’s quick and easy!

Before switching, you may want to take a look at some of the following helpful articles:

To stay up to date with all of the latest energy news and helpful tips you can consult both our blogs and guides for everything you need to know.

Did you know that you can also compare prices for broadband, insurance and banking products on bonkers.ie? See how much you could save on other bills by switching provider!

Get in touch with us

What do you think of the increases from SSE Airtricity and Pinergy? Will you be switching if you’re a customer of either provider? We’d love to hear from you!

Feel free to get in touch with us on Facebook, Instagram and Twitter if you have any energy-related questions.

bonkers.ie
Compare, Switch, Save

bonkers.ie is a trading style of Bonkers Money Ltd. registered office Nutley Building, Nutley Lane, Dublin 4. Registered in Ireland, company number 477742. Our logo and the word bonkers® are registered trademarks of Bonkers Money Limited and may not be used or reproduced without prior written permission. Bonkers Money Limited, trading as bonkers.ie, is regulated by the Central Bank of Ireland.

Commission for Regulation of UtilitiesGuaranteed Irish