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PAY AS YOU go utility provider Pinergy has announced that it will be raising electricity prices from early January.
The company announced this afternoon that residential electricity prices would be hiked by 14% from 9 January, adding an estimated €320 to bills annually.
In a statement, Pinergy CEO Enda Gunnell said that the price increases were due to stalled electricity market reforms at an EU level, particularly around a price cap for electricity generated by natural gas.
“We had hoped these changes would be in place quickly and had delayed this increase for as long as possible,” Gunnell said,
“However, the outlook on the global wholesale markets continues to be very volatile and challenging going into 2023.
“The wholesale price increases in global energy markets have been further exacerbated by local increases in regulated market charges that became effective in recent months.”
The company added that there would not be a change to the standing charge, which will remain at 71 cent a day, excluding VAT.
This is the second price hike by Pinergy this year, who increased the cost of electricity to their customers by 19.2% in September.
Pinergy offer both pay-as-you-go and monthly billing for electricity.
Reacting to the news, Darragh Cassidy of utility price comparison website bonkers.ie said that the price hike by Pinergy wasn’t unexpected.
“As just a supplier of electricity, Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices on wholesale markets,” Cassidy said.
“Falling wholesale electricity prices have been in the news recently so many people might be confused at today’s announcement.
“However, wholesale energy prices are still at an extremely high level. At one stage during the summer, the price of gas was up by well over 1,000% on wholesale markets for example. So when we hear of falling energy prices we need to remember that it’s on the back of prices which were at record highs to begin with.”
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Electricity costs have gone down in the recent weeks. This is to totally price gouging
@Shaun Gallagher: it’s a complete effing disgrace, that’s what it is.
@Shaun Gallagher: I’m sure they’re not buying tomorrow’s electricity today. In fact, I’m sure it’s bought well in advance.
@Thomas O’ Donnell: yes and energy futures have gone down
Privatization has been a disaster
@Red Line: It’s only going to get worse.
Just a quick one for anyone buying their gas from Electric Ireland. They have increased their “Conversion Factor” when calculating Your bill. Which means that not only are you paying more because of the recent price hike but you are also paying more because of the conversion factor. I.E. in a previous bill Usage * CF = 1000 kwh, now it’s Usage*CF = 1010 kwh which means you are getting charged for an extra 10 Kwh even though your meter reading is still the same ?????.
@Alan Dignam: That’s a 0.1% increase per 1000 kwh – according to your numbers, if I’m not mistaken. Hardly worth crying about considering the “normal” recent price hikes.
Looking at the average consumption, this should make less than €2 per year.
Correct me please if I’m wrong.
@Wolfgang Bonow: If you like being ” Ripped off” Woflgang, Knock yourself out. It was an extra € 3.00 on my last bill. The calculations were for demonstration purposes only
@Alan Dignam: Thanks, but I don’t like being ” Ripped off” like the next guy. There’re plenty of reason and occasions to get mad and outrage about, this isn’t one of them. The permanent outrage about a couple of cents will just distract from the bigger issues, like the big energy hikes and profits, the ridiculous rents and house prices or the poor state of the healthcare service in Ireland.
€3 on a 2-month bill is really hardly worth mentioning for 95% of the population.
I don’t even have access to gas and gas heating in my estate and house.
So what? That’s what I got and knew when I moved here.
Last but not least:
I just did a Google, what this actually is about.
Seems you’re barking up the wrong tree after all. It’s Gas Networks Ireland increasing the factor and not Electric Ireland.
A quick search on Google with “gas conversion factor” will give also some hits with a reasonable explanation.
Nothing against a proper rant, but it looks like like you’re a bit of the mark :-)
@Wolfgang Bonow: Meow Meow I,ll just go back and lie down in my basket…. Where did I put that milk !!!!!!!!
@Alan Dignam: @Alan Dignam: the conversion factor takes into account the concentration of gas being supplied. You are still getting the same amount of gas molecules but in a smaller amount of gas being supplied (0.99m3 instead of 1m3) so you end up warming your house slightly more than needed. Of course, in order for you to balance your bill, you will need to adjust your heating time/temperature accordingly which would be fairly difficult to calculate.
“Irish electricity prices are among the highest in a newly published survey of charges in European and other countries.
British heating and electrical equipment supplier Boxt found that Irish people pay 18.99 pence sterling (20.89 cent) a kilowatt hour (KW/h) for energy.
This puts consumers in the Republic just behind those in the UK, who are charged 19.31p, but means Irish people pay more for electricity than residents of big European countries including Germany and Spain.”
@Dr. Emmett Lathrop Brown: wish I could get my electric for 20..89 cent..I’m paying more than double that
@Dr. Emmett Lathrop Brown: Irish electricity is close to 40cent/kw plus the daily standing charge
@Dr. Emmett Lathrop Brown: the research used in that article must be 6months old
@pkunzip doom2.zip: You’re correct. I checked some UK and German online price portals and they’re all pretty much level to the prices in Ireland – assuming you have the common discount for the 1st year. The prices quoted by the OP and linked article are completely outdated and off it seems :-).
Right now, I cannot see that we pay pay more than other countries on the same economical/income levels.
Here we go again! Any excuse or no excuse to up charges on the public.
WHEN will the government put a stop to these thieves?
The extraction of urine is getting ridiculous.
Rather apt to see a pig featured on the attached image, considering that the phrases “Snouts in the trough” and “Greedy pigs” come so readily to mind. (With apologies to all those members of the porcine community who might take offense.)
Absolutely scandalous carry on.. The lads at Sun Arc Solar Systems can help you out with producing your own electricity..
And the tax buffett goes on and on
Thats not to bad of a increae
@Liam Mc Meel: If the numbers posted by “Alan Dignam” above are correct, it;s not even worth to post/comment about it!
@Liam Mc Meel: Must be Micheál Martin’s burner account.
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