Pinergy announce price decrease for residential customers

Muireann Duffy

Energy provider Pinergy has announced it will decrease prices for domestic customers this autumn as wholesale prices begin to fall.

The price changes, which take effect from October 1st, will result in a 9.5 per cent decrease to the typical household cost, equivalent to approximately €220 annually in an Estimated Annual Bill (EAB) based on a domestic customer using typical consumption per annum on standard tariffs.

The news follows an earlier price decrease by the provider which commenced in March.

Figures from the Central Statistics Office (CSO) published last week showed wholesale electricity prices fell to their lowest level in two years in the year to the end of July.

The data was a continuation of the downward trend noted in recent months, with Minister for Finance Michael McGrath said he expects energy costs to fall over the coming weeks.

"After our price reduction in March, we said that we would continue to review pricing," Pinergy chief executive Enda Gunnell said.

However, he warned the energy crisis "has not gone away", adding that wholesale pricing remains inflated and volatile.

"We continue to urge policymakers to invest in market reforms of the energy sector to accelerate the energy transition for all," Mr Gunnell said.

"Policies like the introduction of MicroGeneration payments have been a very welcome development and we are pleased to be able to hold our 25c per kWh payment for customers who are exporting excess electricity from solar panels to Pinergy.

"Further reforms are necessary to accelerate the further availability of clean, lower cost, renewable energy," he added.