(Dublin – 26th May 2021) Panda Power have announced today that residential electricity and gas prices will rise from June 25th due to the continued increase in the cost of wholesale energy together with significant market infrastructural and capacity issues in Ireland.
This increase will see household electricity and gas bills increase by 9.8%. This is equivalent to a €141 and €98 per year increase, respectively, to the Estimated Annual Bill (EAB) based on a residential customer using typical consumption per annum on standard tariffs. These increases will be significantly lower for customers on discounted plans.
Panda Power Managing Director Brendan Traynor commented “the increase is as a result of a couple of key factors beyond our control in providing electricity and gas to our customers. Firstly, the high percentage of power plants on long term outages has reduced the level of power generation available in Ireland which has significantly increased the cost to supply energy over the last 6 months. Secondly, the continued rise in the cost of wholesale electricity & gas.
He continued: “The decision to increase prices is unfortunate but is unavoidable under the circumstances. We remain committed to offering our customers long-term value and discounted rates each year that they are with us.”