Pinergy to lower electricity prices - Morning Ireland

Head of Communications at bonkers.ie, Daragh Cassidy, appeared on Morning Ireland to discuss energy supplier Pinergy's announcement to decrease electricity prices for customers. 

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

Main points from the interview

• Despite this increase, Pinergy is still not the cheapest energy supplier on the Irish market. 
• Due to the energy crisis some of the small suppliers increased their prices far more than the larger suppliers.
• More suppliers will likely follow with price decreases over the next few months. However, some may not feel pressure if their prices are still lower than Pinergy’s.
• Although wholesale energy prices are falling, they’re falling from a really high level. Even today, despite the huge reductions on wholesale markets, the price of gas is almost double what it used to be.
• All suppliers hedge their bets and buy gas/electricity at different times throughout the year, so that people aren’t hit with crazy price hikes.
• The price we pay is usually an average price over a year or so.
• The longer prices stay lower on the wholesale market, the better chance we have of price decreases being passed on.
• We are over the worst of the energy crisis, but we’re not out of the woods yet, especially if there’s an escalation of the war in Ukraine. 
• The Government should keep the reduced 9% VAT rate on gas and electricity. The Government can afford this as it’s taking in more money on gas and electricity in tax than it did last year. 

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Despite the energy crisis, there’s still value to be had by switching to a cheaper energy supplier if you’re looking to cut the costs of your energy bills.

You can use our free energy price comparison tool to compare deals from Ireland's main energy suppliers.

You can also reduce your energy consumption by checking out these different ways to use less electricity and how to heat your home for less.

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