Pinergy electricity prices to rise 7.6%, adding €169 a year

What the Pinergy increase means for Irish households

The supplier, which has around 28,000 electricity customers in Ireland, confirmed on Friday that the increase takes effect on Monday 14 September, with no change to standing charges, The Journal reported.

Pinergy blamed "prolonged volatility" and "elevated pricing" in wholesale energy markets, which it linked to the continued conflict in the Middle East.

From 14 September its 24-hour standard rate rises to 42.02c per kWh excluding VAT, with a daytime rate of 43.15c and a night-time rate of 30.63c.

Standing charges stay at 71.25c a day, or 77.65c in urban areas, as do residential MicroGen payments at 18.5c per kWh.

It is the company’s first residential price rise since last October, when it lifted its unit rate by almost 13% and added close to €200 a year to customers’ bills, according to the Irish Mirror.

Pinergy said it would encourage any customer worried about their bill to get in touch directly for support.

"Unfortunately the continued volatility in wholesale energy markets has pushed costs to a level that we can no longer absorb.

"Our hedging strategy has helped protect customers from much of the pricing volatility to date, but the scale and duration of what we’re seeing in wholesale markets means a change is now unavoidable." Enda Gunnell, Pinergy CEO

The timing is awkward for a market already under strain, with electricity arrears in Ireland at their highest ever level.

Customers on Pinergy’s standard rates have until 14 September to shop around before the new prices land.