Panda Power

2022 - 9 - 13

Post cover — Image courtesy of "BreakingNews.ie"

Energy supplier Panda Power leaves Irish market (BreakingNews.ie)

The energy regulator's "supplier of last resort" process will now kick in with all electricity customers of Panda moved to Electric Ireland and gas customers ...

The energy regulator's "supplier of last resort" process will now kick in with all electricity customers of Panda moved to Electric Ireland and gas customers moved to Bord Gáis Energy. The firm is now the fourth supplier to exit the Irish market in the space of a few months following Iberdrola, Glowpower and Bright Energy. Energy supplier Panda Power is leaving the Irish market in the face of soaring wholesale gas and electricity prices.

Panda Power exits Irish market in face of soaring wholesale energy ... (The Irish Times)

Panda, which is owned by the Meath-based Beauparc Utility Group, has no electricity generation assets so is highly exposed to the rapidly rising price of gas ...

That’s not to say we shouldn’t seek to tax the energy market more. It is the fourth supplier to exit the Irish market in the space of a few months following the departures of Spanish energy giant Iberdrola, Glowpower and Bright Energy. Electricity and gas supplier Panda Power has been forced to cease operations and exit the Irish market in the face of surging wholesale energy prices.

Fourth energy supplier leaves the Irish market as crisis deepens (Independent.ie)

Panda Power only increased its electricity and gas prices in August. Electricity prices went up 12.7pc, and gas by 25.8pc. It was Panda's second price increase ...

There may be an opportunity for Panda customers to choose their own supply. He said Panda is now the fourth supplier to exit the Irish market in the space of a few months following GlowPower, Bright Energy, and Iberdrola. A spokesperson for the Commission for the Regulation of Utilities, said it was “engaging with an energy supplier in relation to their participation in the marketplace”, but would not comment beyond that. Beauparc changed hands for around €1bn last year. The Commission for Regulation of Utilities (CRU) will initiate the “supplier of last resort” procedure, which will see remaining electricity customers moved to Electric Ireland to ensure their supply is not interrupted. Panda Power, which has around 60,000 residential electricity and gas customers, is the latest victim of the energy crunch.

Panda Power to leave Irish market amid rising energy prices (LMFM)

The electricity and gas supplier is owned by the Meath-based Beauparc Utility Group.

Fears Panda Power could exit energy market (Irish Examiner)

Up to 60,000 households could be affected if Panda were to exit. The move comes amidst huge increases in wholesale gas and electricity costs, with Panda Power ...

The move comes amidst huge increases in wholesale gas and electricity costs, with Panda Power likely to follow Glowpower, Bright Energy, and Iberdrola out of the Irish market. “But there are no easy solutions.” However, Panda is by far the biggest victim.”

Fourth Energy Supplier Leaves The Irish Market As Cost Of Living ... (Extra.ie)

Panda Power has become the latest energy provider to leave the Irish market due to energy prices continuing to surge.

Over 50 people are employed in the energy side of the company. 2021 saw Panda Power increase its electricity prices five times and gas prices four times. The company has over 50,000 electricity customers, roughly 3% of the market, and a further 10,000 gas customers.

Panda Power is leaving, what happens to its customers? (The Irish Times)

The Commission for Regulation of Utilities (CRU) has a structure in place to ensure that all customers continue to have electricity and gas supplies without ...

The utility is in discussions with the regulator which will be looking for a reasonable window — a month or so — for customers to make a move to another supplier voluntarily. As an indicator, when Iberdrola, the Spanish operator, decided to exist the market earlier this year — the largest supplier to do so before Panda — the lock-in was just shy of three months. That seems only fair: after all, the supplier is effectively reneging on their agreement to supply power for the contracted period. If you are happy to be moved to those companies, you do not have to do anything. If you choose, you can switch to an alternative supplier yourself before that happens. That makes it the biggest of the four suppliers to exit over the past year.