TWO IRISH ENERGY providers have raised their prices, becoming the latest to do so after a bad couple of weeks for Irish consumers.
Panda Power and Pinergy have said they will increase their standard unit electricity price by 5.9% and 9.38% respectively.
Panda Power is also raising its gas prices by 5%. Panda’s increases will equate to an increase of about €80 on a typical annual household dual fuel bill.
Pinergy’s price hike means an additional €72 per year for their customers’ bills.
All the increases will take effect from 1 August.
The two companies are effectively following the lead of other competitors in the Irish market – SSE Electricity, Flogas, Electric Ireland and Energia have all announced similar increases in recent weeks.
The price hikes are being blamed on the rising costs of fossil fuels on the global markets. And other companies in Ireland are also expected to follow suit.
“The price increases are coming thick and fast now, with these announcements bringing the total amount of suppliers who are raising their prices to six. There are only 10 energy suppliers in the market, and it’s likely we’ll see all of the remaining four announce similar hikes, too,” said Eoin Clarke, managing director of Switcher.ie.
The average dual fuel bill for customers on standard tariffs already stands at almost €1,800 per year, which makes up a big chunk of many households’ outgoings, and it seems this price is only going to go up.
“Anyone who hasn’t switched to a new energy supplier in the last year is on what’s known as a standard tariff, which means there are huge savings to be made by switching. The average household could save hundreds of euro by switching from standard tariffs to the cheapest deals on the market, which could go a long way towards offsetting the damage that will be done with these price hikes,” he added.