Pinergy customers face €7 a week electricity price increase

About 27,000 homes hit in latest energy company price hike

About 27,000 homes face a €7.21 per week average increase in their electricity bills when supplier Pinergy boosts its price next month.

Pinergy confirmed on Friday that it would add 19.2 per cent to residential electricity prices from September 5th, making it the latest supplier to increase charges.

The company calculated that the move would add €7.21 a week, including VAT, to its estimated annual bill.

Pinergy chief executive Enda Gunnell blamed the company’s first increase in nine months on rising wholesale electricity prices. He maintained that Pinergy had absorbed as much of these extra costs as it could.

“Frustratingly, this winter, Irish households and small- and medium-sized enterprises will have to face higher energy prices in a market that we believe needs reform,” said Mr Gunnell.

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He demanded a more level playing field for all suppliers.

Daragh Cassidy, head of communications at price-comparison website bonkers.ie, calculated that Pinergy customers were paying €1,150 more a year for electricity than at the start of 2021.

He noted that 35 separate price increases announced by Irish suppliers since the beginning of last year have added €900 a year to the average electricity bill and €800 to gas.

“We are heading into this winter with energy prices at absolutely astronomical levels and it’s set to get worse. It is likely we will see another round of price hikes in a few weeks,” he warned.

Mr Cassidy questioned if the Government intended to keep the reduced 9.5 per cent VAT rate — from 13.5 per cent — on energy, or if it planned to pay another credit.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas