Irish customers set to pay even more for electricity as companies announce price hikes 3 weeks ago

Irish customers set to pay even more for electricity as companies announce price hikes

For some companies, it's the fifth price hike this year.

Irish customers are set to pay even more on their energy bills as energy providers continue to announce increases to their prices.

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Pinergy is set to further increase its standard residential energy prices from 1 December.

The latest change will result in a 19% increase to the typical household cost, which will add around €293 to the price of the average bill.

However, this is the fifth price increase by the electricity provider this year and when all increases are taken into account, households will be paying around €800 more each year.

The company blamed the series of increases over 2021 on the "continuing and unprecedented upward" pricing pressures in the global wholesale energy market.

“This Irish and international energy crisis is still unresolved despite the attention it is now receiving at an international geo-political level and is forcing suppliers like Pinergy to pass on increases,” Pinergy CEO, Enda Gunnell, said.

Meanwhile Panda Power is also set to increase its residential electricity and gas price by 18.5% from 22 November.

This is equivalent to a €308 per year increase to the standard electricity bill and €217 per year to the standard gas bill.

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It will also be Panda Power's fifth price hike this year, following previous ones in April, June, August and October.

"Considering the unpredictability of the market at present it remains difficult to see wholesale energy costs stabilising over the coming months," Panda Power Managing Director, Brendan Traynor, said.

Last month, number of companies including Bord Gáis, Electric Ireland and Flogas Energy all announced increases to their residential energy prices in Ireland.