Tips & Guides

Inflated wholesale energy prices and continued infrastructure issues leading Pinergy to announce further price increase

Pinergy
10 September 2021

Pinergy, the smart clean energy supply & solutions company has today announced a further increase to its standard residential energy prices from 11th October 2021. The series of increases over 2021 have been caused by the unprecedented upward pricing pressures in the wholesale energy market together with the significant issues on the security of electricity supply.

The latest change will result in a 7.8% increase to typical household cost which is equivalent to a €2.44 per week increase (incl. VAT) in the Estimated Annual Bill (EAB) based on a domestic customer using typical consumption per annum on standard tariffs.

Over 2021, Pinergy has increased its Standard Unit rates by over 9c/kwh, which is a 50% increase over this year. To put this into context, the wholesale price of power* has increased by 247% since August 2020 and is forecasted to remain elevated in the coming months.

Pinergy CEO, Enda Gunnell, says: “Unfortunately it looks likely that this Winter we are going to see the impact of years of under-investment, inconsistent policy choices and lack of foresight across Ireland’s electricity system. Today, we are seeing elevated global energy wholesale costs that will be borne by households and small businesses together with the real risks to electricity supply. I think it is now fair to say that this is now an energy crisis, which we believe could have been better managed, but now requires urgent action at both government and industry levels to avoid the situation becoming worse.”

“On behalf of our customers, we have continued to raise these issues with both Policy makers and Regulators.  I would like to continue to reassure our customers that at Pinergy, we will be doing our best to continue to offer value, data-led insights & renewable energy to help them to better manage their energy usage and sustainability goals. We will of course continue to review pricing and when the market creates the right opportunities, we will look to reverse this upward pricing trend as soon as is practical.”

 

New Standard Rates & Standing Charges – effective from 11th October 2021

24 Hour Standard Rate (ex. VAT): 28.32 c/kWh

Standing Charge (ex. VAT): 46.06c/day

Daytime Standard Rate (ex VAT): 29.08 c/kWh

Night-time Standard Rate (ex VAT): 20.64 c/kWh

Standing Charge (ex. VAT): 60.25c/day

*Average power price in Single Electricity Market (iSEM) in August 2020, was 3.9c/kwh and last month was 13.6c/kwh, which equates to a 247% increase in just twelve months.