Pinergy announces electricity price decrease - Newstalk

It’s been a long time since we’ve heard of a price decrease in the energy sector. However, Pinergy has just announced a reduction in its electricity prices.

Daragh Cassidy, Head of Communications here at bonkers.ie, appeared on Newstalk to discuss the announcement and what the future of the energy crisis looks like. 

Listen back to the interview above or take a look at the main points discussed below. 

Main points from the interview

• Pinergy is decreasing its electricity unit rate by around 9%, but the standing charge is not changing. Pinergy states that the average bill will decrease by around 7%.
• Pinergy only increased electricity prices by around 18% last month, so this reduction isn’t even making up for its latest price increase.
• Like all suppliers over the past two years, Pinergy announced some pretty hefty price hikes. 
• The average gas and electricity bill has increased by around €2,000 a year for the average household. Bills have more than doubled.
• Pinergy is a smaller supplier and these smaller suppliers got hit pretty badly by the energy crisis and had to increase their prices far more. 
• So even after this price decrease, Pinergy is still more expensive than other suppliers. 
• This is still good news as it shows some normality is returning, but we’re a long way from being back to where we were in normal times. 
• Gas and electricity prices on wholesale markets have been falling recently, but this will take a while to feed through to household bills. 
• As we get into the second half of the year, we may see more price decreases from suppliers.
• Wholesale prices have fallen over the past few months for several reasons. There’s a feeling that Europe has been able to wean itself off Russian gas, due to the Ukraine crisis. We’ve had a mild winter in Ireland and Europe, which has left gas reserves far higher than anticipated. 
• Prices were actually increasing quite significantly before the crisis in Ukraine, partly due to Covid.
• The outlook is much more positive than it has been in several months.
• The 9% reduced rate on VAT has to be kept to ease the burden of sky-high household bills.

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