Pinergy announces price hike for residential electricity customers

Pinergy have confirmed plans to increase the price of its standard residential electricity, resulting in a 14 per cent increase in costs for a typical household.

The hike will take effect from January 9th, 2023.

There is to be no change to existing standing charges, which will remain at 71.25c per day or 78.87c per day for rural customers.

From January 9th, the 24-hour standard rate (excluding VAT) will be 46.77c per kWh, the daytime standard rate (excluding VAT) will be 48.03c per kWh, and the nighttime standard rate (excluding VAT) will be 34.08c per kWh.

Today's price announcement will result in a 14% increase to the typical household cost.

In parallel, Pinergy is increasing the MicroGen plan to 25c per kWh for any excess electricity sold back to the grid.https://t.co/k65FKWfISO

— Pinergy (@Pinergy) December 9, 2022

Pinergy also confirmed it will raise the payment to customers using solar panels and other microgeneration technologies under its 'MicroGen' plan, increasing the rate to 25c per kWh for any excess electricity sold back to the grid.

The company's chief executive Enda Gunnell said they have delayed the increases for "as long as possible" but claimed "momentum towards much required market structural reforms across the European energy sector have stalled in recent weeks".

Mr Gunnell pointed to the vitality of the global wholesale energy markets, with price increases being "further exacerbated by local increases in regulated market charges that became effective in recent months".

He advised that customers struggling to pay their bill should contact Pinergy to discuss their options.