Panda Power joins the fray with electricity price increase

Panda Power is the fifth and latest energy supplier to announce an electricity price increase for residential energy customers here.

Its electricity prices are set to increase by 7.5% while its gas prices will remain unchanged.

The price increase will come into effect from April 8th.

Meanwhile, the energy supplier has blamed a ‘sustained rise in external costs, including network and market charges’ as the reason for the price hike.

What will it cost?

For the average residential energy customer the increase will add an extra €85 or so to their annual electricity bill. 

However, Panda Power has assured customers on discounted plans that the increase to their yearly bill will be significantly lower.

Brendan Traynor, Managing Director, Panda Power commented on the increase:

It's unavoidable due to increasing external wholesale market and network costs. We have kept this increase as low as possible and we remain committed to offering our customers long-term value and discounted rates every year that they are with us.

What other suppliers have increased prices?

A total of five suppliers have announced increases to their energy costs since the beginning of this year.

SSE Airtricity was the first supplier to step out and with an increase of 6.2% and 4.5% to the cost of its electricity and gas prices respectively.

Fellow renewable energy supplier Pinergy followed with a 4.2% electricity increase, while Glowpower announced it would be increasing the prices of its Glow Simple 21 and Glow More electricity tariffs from April 2nd, 2021.

Before Panda Power’s announcement the latest supplier to announce was Energia whose increase to its electricity prices alone is expected to add around €100 to the average customer’s annual bill.

You can keep track of the latest energy price increases on our blog.

If you’re wondering why prices are increasing so much, take a look at our explainer here.

Compare, compare, compare!

If your energy bills have recently been hit with a price increase by one of the above suppliers, by far the best way to make sure you’re not paying more than you need to is by switching.

If you’re out of contract, or if you simply haven’t switched in more than one year you could be in for some serious savings too! The average energy switcher who uses our website today could save just over €500 on average.

And what’s more, our website has been accredited for the eighth year in a row this year by the Commission for the Regulation of Utilities (CRU), so you know all the information you see is accurate and up to date.

Here at bonkers.ie, you can use our energy comparison tool to compare the best deals today across all 14 energy suppliers nationwide.

Before switching, consider reading the following to ensure you’re making an informed decision:

• Take a look at our guide on  7 things to consider when switching energy supplier to know what to look out for. 
• Familiarise yourself with these 10 important terms, it will make the experience more simple.
• Here is a list of some of the most frequently asked questions about the energy switching process.

If you have any questions on Panda Power’s increase, comment below or get in touch with us on Facebook, Twitter or Instagram.