Volatile and inflated wholesale energy prices lead Pinergy to announce price increase

05 August 2022

Pinergy, the smart clean energy supply & solutions company has today announced an increase to its standard residential electricity prices from 5th September 2022. This increase, which is the first for Pinergy in nine months, is a result of the unprecedented volatile and upward pricing trends in the wholesale energy markets both domestically & globally.

The latest change will result in a 19.2% increase to the typical household cost which is equivalent to a €7.21 per week increase (incl. VAT) in the Estimated Annual Bill (EAB) based on a domestic customer using typical consumption per annum on standard tariffs.

Pinergy CEO, Enda Gunnell, says: “As an independent energy supplier, we have absorbed as much of the current wholesale pricing increases as we could over recent months. The outlook remains challenging as the global wholesale energy markets face further volatility over the coming months.”

“Frustratingly, this winter, Irish households & SMEs will have to face higher energy prices in a market that we believe needs reform. The Irish energy supply market is changing, and we have seen several suppliers simply exit citing the structural challenges in Ireland. We need to create a more level playing field for all energy suppliers”.

He added: “Pinergy customers are empowered with the latest in smart technologies that allows them to see their energy consumption day in day out. This winter, we will be urging our domestic customers to make sure they access our App and gather their own insights on their electricity usage. We estimate that between 15% & 20% of energy in the home can be wasted. We all know the cheapest unit of energy is the unit of energy that you don’t use. We will also do our best to help those customers who may need assistance with the persistent rising energy costs.”

New Standard Rates & Standing Charges – effective from Monday 5 September 2022

24 Hour Standard Rate (ex. VAT): 39.77/kWh

Standing Charge (ex. VAT): 71.25c/day

Daytime Standard Rate (ex VAT): 40.84c/kWh

Night-time Standard Rate (ex VAT): 28.98c/kWh

Standing Charge (ex. VAT): 78.87c/day