Energy provider Pinergy has become the first energy supplier here to reduce its prices since elevated wholesale costs began to fall on international ...
We targeted measures at those who needed them most over the winter months and we’ve done that successfully, so there’s learnings to be made for that, but we won’t be found wanting," he said. We’ve seen the wholesale energy prices drop over the last number of months and it’s about time those decreases were passed on to customers." He is also opening a number of new social housing developments in Clonmel and elsewhere in county Tipperary today. We will extend cost of living measures, they will be very targeted. Please review their details and accept them to load the content. "We’ll meet in cabinet tomorrow and go through proposals. And some suppliers like Electric Ireland and Prepaypower already have cheaper unit rates so may not respond at all until prices on wholesale markets drop further." He said that "because we’ve been able to manage the economy well we’ve been able to use the surpluses that we’ve generated" but that the Government will be "prudent" in what it does. "However Pinergy's electricity prices were among the highest in the market before today's announcement. Asked today if he thought energy companies should follow the example announced by Pinergy and reduce their charges to customers, he said: "I do. But its prices are still around 8% above Electric Ireland's - the biggest electricity supplier in the market." But in County Tipperary today, Minister for Housing Darragh O'Brien said that "it’s about time" that energy providers pass on the recent cuts in wholesale energy prices to their customers.
The company said the reduction in electricity prices follows improvements in wholesale energy costs.
"However, the outlook on global wholesale markets continues to show inflated & volatile pricing over the medium term. The Energy Crisis has not gone away, and market reforms of the Energy sector are still urgently required," he added. "With recent reductions in the wholesale costs of electricity, we are now pleased to be able to announce this price decrease.
Pinergy is cutting the cost of electricity for its customers by 7.1%, the company has announced....
However, the outlook on global wholesale markets continues to show inflated and volatile pricing over the medium term,” Pinergy CEO Enda Gunnell said. “But as Pinergy rightly pointed out, the energy crisis is not over.” “The Energy Crisis has not gone away, and market reforms of the Energy sector are still urgently required.
Ministers have said the package on offer will be significantly less than the measures announced in the budget and The Irish Times understands that it may not ...
The final costs will not be known until the measures to be included are signed off on and considerations will also be influenced by any decisions that would increase revenues like ending the reduced VAT rate for the hospitality sector. There is an increasing expectation that the reduced 9 per cent VAT rate for the hospitality sector will be returned to 13.5 per cent. [ The company is reducing its standard unit rate by almost 9 per cent from March 31st as European wholesale energy price inflation continues to moderate.
Pinergy has become the first Irish energy provider to announce a decrease in its electricity prices since wholesale costs starting rising following ...
The peak of the energy crisis seems to have passed.” "With recent reductions in the wholesale costs of electricity, we are now pleased to be able to announce this price decrease. We continue to engage with regulators and policy makers to urge reform for energy users, generators & suppliers across the marketplace.” “Other suppliers will no doubt come under pressure to follow Pinergy's reduction. Pinergy has also urged customers in need of additional assistance to contact the company as a first step so that they can be provided with a range of energy supports. The company has around 27,000 electricity customers.
PINERGY has announced a major price drop to its standard residential electricity prices in a shock move.The 7.1 per cent decrease, which is equi.
Ms Humphreys said: “We did have a very comprehensive package of measures for Budget 2023. [Paschal Donohoe](https://www.thesun.ie/who/paschal-donohoe/), as well as Taoiseach [Leo Varadkar](https://www.thesun.ie/who/leo-varadkar/) and Tanaiste [Micheal Martin](https://www.thesun.ie/who/micheal-martin/). [cost-of-living](https://www.thesun.ie/topic/cost-of-living/) interventions. [energy](https://www.thesun.ie/topic/energy/) provider now says it will cut its electricity prices from March 31. [one-off social welfare payment](https://www.thesun.ie/money/10252451/social-welfare-payment-cost-of-living-help-government/) for vulnerable groups. [Bill](https://www.thesun.ie/topic/energy-bills/), will take effect from March 31.
The move is the result of a fall in the wholesale cost of gas.
Previously in September, [ it increased the cost of electricity](https://www.irishmirror.ie/news/irish-news/thousands-face-energy-bill-hikes-27849140) by 19.2 per cent. [Electric Ireland](https://www.irishmirror.ie/all-about/electric-ireland), [Bord Gáis Energy](https://www.irishmirror.ie/all-about/bord-gais), [Energia](https://www.irishmirror.ie/news/irish-news/energia-latest-increase-prices-over-27931808) and [SSE Airtricity](https://www.irishmirror.ie/all-about/league-of-ireland) as wholesale prices for both gas and electricity have returned to the levels seen prior to the Russian invasion of Ukraine. The move by the provider, which has around 30,000 customers, is the result of a fall in the wholesale cost of gas. [signing up to our newsletter](https://www.irishmirror.ie/newsletter-preference-centre/) [18 per cent rise in prices](https://www.irishmirror.ie/news/irish-news/pinergy-latest-electricity-provider-up-27670978) announced in December, which came into effect in January. [Young man who tragically died in Kerry crash was about to become a father](https://www.irishmirror.ie/news/irish-news/young-man-who-tragically-died-29259087)
Energy crisis may have peaked but 'has not gone away', says chief executive Enda Gunnell.
But he said that while wholesale markets had fallen in recent months, they remained at “levels substantially higher” than before the invasion of Ukraine. The peak of the energy crisis seems to have passed.” We actively monitor energy markets and, as we have done before, will look to reduce our prices as soon as it possible to do so.” The energy crisis has not gone away, and market reforms of the energy sector are still urgently required. “This is obviously welcome news and yet another sign of some normality returning to the energy market,” said Mr Cassidy in a statement. The supplier, which increased its prices by 19 per cent only last month, has about 27,000 customers in the Irish market.
Pinergy said upcoming changes to its standard residential electricity prices would mean a 7.1% decrease to the typical household cost.
"The peak of the energy crisis seems to have passed.” "This reduction now makes them one of the cheaper suppliers — if you could use that word in today's market. Many businesses have reported five-figure monthly energy bills that they claim are not sustainable.
On Monday, Pinergy became the first energy provider in the country to cut their prices for their 30,000 Irish customer base, with household bills set to drop by ...
"Customers on our loyalty rates will save even more and while we cannot comment on speculation about potential future price changes, we continue to keep our rates as competitive as possible and strive to protect customers from the worst increases in the wholesale energy markets," a spokesperson for the company added. "For this reason, the recent downward fluctuation in wholesale energy prices is not reflected in current customer prices and won’t be for some time," they said in a statement. SSE Airtricity, who supply more than 700,000 Irish homes, said that energy prices are the primary concern of their customers, and as a result of market volatility, the company was the first Irish energy provider to forego profits this financial year. "Electric Ireland will continue to keep its prices under constant review, and is committed to providing customers with the best value possible across a broad range of products. For this reason it is very difficult to project the trajectory of residential electricity and gas prices, a spokesperson for the company told the Irish Mirror. They stressed that forward hedge contracts, up to a period of 24 months, are entered into at different times, causing a delay in a reflection of the wholesale markets and retail prices for the customer.