Energy provider Pinergy has announced its fifth price hike so far this year, with its electricity rates set to rise again on December 1.
Pinergy said the series of increases over the year have been caused by the continuing and unprecedented upward pricing pressures in the global wholesale energy market coupled with domestic electricity market supply issues.
It said the latest change will result in a 19% increase to the typical household cost which is equivalent to a €5.63 a week increase (including VAT) based on a domestic customer using typical consumption a year on standard tariffs.
Pinergy chief executive Enda Gunnell said the company was still experiencing sustained and well-publicised issues that continue to impact on rising global wholesale energy costs that are directly hitting households and businesses, together with the real risks to electricity supply.
"This Irish and international energy crisis is still unresolved despite the attention it is now receiving at an international geo-political level and is forcing suppliers, like Pinergy, to pass on increases," Mr Gunnell said.
"As winter approaches, the energy crunch will demand further urgent talks, negotiations and market reforms at national, EU and international levels to resolve what is fast becoming an unsustainable and dysfunctional market," he said.
He also said he wanted to reassure customers that Pinergy will be doing its best to continue to offer value, data-led insights and renewable energy to help them to better manage their energy usage and sustainability goals.
"We will of course continue to review pricing and when the market creates the right opportunities, we will look to reverse this upward pricing trend as soon as is practical," he added.
There have been over 30 price hike announcements from Irish energy suppliers since the start of the year, with Airtiricty announcing last week that its gas and electricity prices will also go up on December 1.
"We are seeing unprecedented price hikes for energy customers across Ireland this year," said Eoin Clarke of Swticher.ie.
"This huge 19% rise from Pinergy follows on from other energy suppliers announcing similar price climbs in recent months."
"Pinergy customers could be an eye-watering €293 a year worse off after the rise in December and it comes quickly off the back of three other price increases from Pinergy since June."
"Sadly, this is unlikely to be the last price jump we'll see before Christmas due to global demands on energy and supply."
