Despite market challenges Pinergy business performance and outlook is positive for 2023
Pinergy, the smart clean energy supplier and solutions business, has reported revenues of €156 million for the year ended 31 December 2022. This represents growth of 95% on the previous year. Pinergy attributes this increase to an accelerated growth in core business performance, but it is also reflective of the significant rise in the wholesale cost of energy due to the energy crisis, some of which was reluctantly passed on to energy consumers in the form of higher prices being paid last year.
With market volatility and wholesale price inflation a persistent theme in 2022, Pinergy remained committed to shielding residential supply customers from the worst of the energy price spikes, despite several necessary price increases. This unprecedented volatility impacted negatively on Pinergy’s profitability. However, the business is reporting an EBITDA loss (excluding movement in the fair value of forward contracts) of €3.7 million for the 12-month period ended 31 December, 2022, which is a 68% improvement on the previous year’s EBITDA performance.
Despite the market challenges faced in 2022, which saw several independent energy suppliers exit the Irish market, Pinergy’s business remained resilient, experiencing a significant demand from commercial customers for sustainable energy supply and services. Its core supply base grew 47% year on year and electricity consumed by this expanded customer base rose by 27% during the period.
The Pinergy SolarElectric division benefited from a significant increase in demand for its solar energy and storage solutions in the second half of 2022, which has continued into 2023 as more businesses and homes look to enjoy the benefits of generating their own electricity and reduce their reliance on grid-based energy.
Commenting on its latest reported set of financial results, Enda Gunnell, CEO of Pinergy said: “Despite the challenges of the energy crisis which followed the COVID pandemic, we remain focused on delivering on our strategic objectives and plan. Our business has grown organically and through complementary business acquisitions in recent years.”
He added: “Our shareholders remain very committed to supporting and investing in our strategy and vision to build a business to help our customers harness sustainable energy today & tomorrow. We are making great progress as a real challenger energy brand in the Irish market and meeting our customers’ needs for insights on energy consumption, certified green energy supply, innovative products and variable pricing solutions. The business outlook for 2023 is looking very positive and we are on course to report strong results with our supply base increasing by 61% year on year by end of September.”
Earlier this year, Pinergy announced the acquisition of Acutrace, an Irish energy and utilities measurement solutions provider, enhancing Pinergy’s data analytics capability for measuring usage of energy, water, air quality and other utilities.
Pinergy is now supporting business and residential customers through the energy transition, from data-led measurement & supply of green electricity, leading solar energy and storage solutions through to commercial electric vehicle charging solutions.