Pinergy to increase prices as wholesale energy costs continue to rise

Following further and sustained increases in wholesale energy costs on global markets, Pinergy, the smart energy provider, has today announced it is increasing its standard household energy prices from 7th November 2018.

Pinergy to increase prices as wholesale energy costs continue to rise

8 October 2018

Following further and sustained increases in wholesale energy costs on global markets, Pinergy, the smart energy provider, has today announced it is increasing its standard household energy prices from 7th November 2018.

This change will result in a unit rate price increase of 7.89%. This is in the context of wholesale energy prices which have risen by 16% in the last quarter and by nearly a third since the start of this year. This elevated pricing in wholesale markets is expected to remain for the rest of 2018 and into 2019.

This increase in estimated annual bill (EAB), based on a domestic customer using typical consumption of 4,200 kWh per annum on a 24-hour standard tariff, is 5.68% or the equivalent of 18c per day or €1.27 per week.

Enda Gunnell, CEO of Pinergy said: “We very much regret another price increase to our customers so soon after the last and have minimised any changes to our tariffs in order to limit the impact. Unfortunately, there continues to be a sustained period of commodity price increases, in particular gas and oil. While we continuously work to achieve efficiencies with our customers, we are directly impacted by increased wholesale energy costs on global markets.”

He continued: “However, using Pinergy’s smart energy technology can provide consumers with insights into their energy usage and where they can achieve savings.We continue to see some of our customers enjoy savings of over 20% through more efficient energy usage and waste reduction through our smart energy technology.”

New Standard Rates - effective from Wednesday November 7th 2018

24 Hour Standard Rate (ex. VAT)18.87c/KwH

Daytime Standard Rate (ex VAT)19.65c/KwH

Night-time Standard Rate (ex VAT)10.99c/KwH

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