Panda Power has become the second energy company to announce a winter price hike for its customers. It is increasing its electricity and gas prices by 11.1% with effect from 5 November 2018. The increase will add €99.32 onto the average annual electricity bill and €74.88 onto the average annual gas bill.
It follows a similar announcement in July, when the supplier increased gas prices by 5% and electricity prices by 5.9%, which pushed a typical dual fuel bill up by €80 per year.
The company says the latest increases are in direct response to wholesale energy costs and the need to revisit their pricing structure. But for customers it means that bills have gone up by an eye-watering €254 in the space of four months.
However, the supplier isn’t alone. Today’s hike follows a price rise announcement from Flogas last week, and consumers are now being warned that it’s likely more suppliers will follow suit.
Eoin Clarke, Managing Director of Switcher.ie, says: “Unfortunately for households, energy price hikes tend to come in waves. Once one supplier announces a price rise, the rest typically follow suit, so not only does this latest hike spell bad news for Panda Power customers, it’s also a warning sign of things to come for all energy customers.
“In the face of winter price hikes, we are urging consumers to take action now to limit the impact. It’s time to shop around for a better, more cost-effective deal. With up to €290 difference between the cheapest and most expensive energy tariffs on the market, it makes sense to check that you are not paying more than you need to.
“If you’re concerned about the impact of imminent price hikes, and the affordability of your energy bills, then it’s worth looking at a fixed-rate energy deal, which will protect you from price rises for anything up to 24 months. This protection comes at a small cost – these deals are not the cheapest on the market – but they are still cheaper than the average standard tariff and offer great peace of mind. At the same time, you should look to take some simple energy-saving measures around your home to reduce your energy usage and cut your costs.”
Switching is straightforward and free. Use Switcher.ie’s free gas and electricity comparison tool to get started – comparing deals and making a switch only takes around 5 minutes. For more energy-saving tips, consumers can check out Switcher.ie’s free energy-saving guides: https://switcher.ie/gas-electricity/guides/energy-saving/.
For more information, visit Switcher.ie
For further information please contact:
Jacinta Bonus, Switcher.ie on 01 517 5921 or email@example.com
Images for use are available on Flickr here.
Notes to editors
 Source: Switcher.ie – How does Switcher calculate its savings messages?
Switcher.ie launched in January 2013, with the aim of offering consumers free, independent and impartial price comparison and switching services for gas, electricity, home broadband and digital television. Switcher.ie aims to make it easier for Irish households to compare prices, save money on their regular bills, get the best deals on offer and make their hard-earned money go that bit further. Switcher.ie is accredited by the Commission for Regulation of Utilities as an impartial, accurate and independent supplier of domestic energy price comparisons and is a member of Guaranteed Irish.
Broadband customers can conduct a speed test to find out how fast their broadband is and to identify the best broadband provider for their location.
Switcher.ie is owned by Switcher Limited, a privately funded internet-based business focused on consumer engagement and innovation.