Panda Power is set to increase gas and electricity prices in a major blow to customers.
This is the second time the energy company has announced price hikes this year with the first instance being in May. This change will see household electricity bills increase by 12.7%, while gas bills will rise by 25.8%.
Customers will pay nearly €300 more per year on their electricity bills, while the gas bill will go up by over €400. The company said that the figures are based on a residential customer using typical consumption per annum on their standard tariff but those on discounted plans will see significantly lower increases.
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Panda Energy Managing Director Brendan Traynor commented: “Due to global factors beyond our control wholesale gas and electricity costs have continued to rise substantially and unfortunately the expectation is that these costs will remain high for the foreseeable future.
"While we have done our best to absorb these costs, regrettably the decision to increase prices is unavoidable at this time." Panda Power increased its electricity prices five times and gas prices four times last year.
Other energy suppliers have also announced price hikes as the cost of living crisis deepens. Electric Ireland is set to increase its electricity and gas prices on Monday for the second time this year.
Residential electricity bills will go up by 10.9% and gas bills by 29.2% meaning a rise of €13.71 per month on the average residential electricity bill and €25.96 per month on the average residential gas bill.
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