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    Another energy price rise on the way as Arctic cold blasts the country


    December 9, 2022 - Charlie Weston

     

      ELECTRICITY supplier Pinergy is increasing its prices again.

      The latest change will kicked in from January 9th result in a 14pc increase to the typical household cost.

      This works out at €320 a year, the firm said.

      But when the unit rate is looked at on it is going up by 18pc.

      The lower figure quoted by the company takes account of a refund being paid on the PSO levy and lower Vat.

      There is no change to Pinergy’s existing standing charges.

      It said it was increasing the payment to those using solar panels and other microgeneration technologies under its MicroGen plan to 25c per kWh for any excess electricity sold back to the grid.

      It is the seventh rise in 18 months, with the company blaming what it said was volatile and upwards pricing trends in wholesale energy markets.

      Pinergy offers customers pre-pay meters, and has also being offering bill pay options to customers lately. It does not generate its own electricity, but is instead is a re-seller of power.

      Pinergy chief executive Enda Gunnell said: “Unfortunately, the momentum towards much required market structural reforms across the European energy sector have stalled in recent weeks including the possibility of a price cap on gas used for electricity generation. We had hoped these changes would be in place quickly and had delayed this increase for as long as possible.”

      He said 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, Mr Gunnell said.

      He said any customers that need additional assistance should as a first step contact Pinergy.

      Daragh Cassidy Bonkers.ie said: “This news wasn’t wholly 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.

      “Falling wholesale electricity prices have been in the news recently so many people might be confused at today's announcement.”

      Mr Cassidy said 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 1,000pc 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.

      He said wholesale electricity prices fell by over 50pc in October compared to September, they crept back up again in November.

      “Also, energy suppliers buy their energy for delivery at different times throughout the year, and up to 12 or 18 months in advance through hedging.”

      A string of price rises across a rang of suppliers were pushed through in October.

      There have been around 60 separate price-rise announcements in the last year and a half.

      This has meant that the cost heating and lighting a typical home with electricity and gas has more than doubled to around €4,000 a year.

      This month most people should have received the first a three energy credits from the Government, worth €200 this time.

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