Pinergy has become the latest energy provider to announce an increase in prices, after raising prices five times last year.
Its standard residential electricity prices will go up from September 5. The latest change will result in a 19.2% increase to the typical household cost which is equivalent to a €7.21 per week increase in the Estimated Annual Bill based on a domestic customer using typical consumption per annum on standard tariffs.
Pinergy is also increasing its daily prepay meter charge by 24% and its daily standing charge by 30%.
Prepay customers with all suppliers pay an additional charge for their prepay meter as well as the daily standing charge all normal billpay customers pay.
The move will impact around 27,000 customers, and will add around €375 a year to the average customer's electricity bill
While this is Pinergy's first price increase of the year, it raised its prices five times last year, the last of which was in December, when it upped the price of its electricity by 19%.
When all price increases since the start of 2021 are taken into account, Pinergy customers are paying around €1,150 more for their electricity.
Pinergy said the increase is a result of the unprecedented volatile and upward pricing trends in the wholesale energy markets domestically and globally.
Pinergy CEO, Enda Gunnell, says, "As an independent energy supplier, we have absorbed as much of the current wholesale pricing increases as we could over recent months. The outlook remains challenging as the global wholesale energy markets face further volatility over the coming months."
Daragh Cassidy, Head of Communications at bonkers.ie said, "We're heading into this winter with energy prices at absolutely astronomical levels and it's set to get worse. It's likely we'll see another round of price hikes in a few weeks.
"To say these are unprecedented times is an understatement," Mr Cassidy said. "Since January 2021, the average electricity bill has gone up by around €900 a year and the average gas bill by around €800."
He said Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices.
Mr Gunnell said, "Frustratingly, this winter, Irish households and SMEs will have to face higher energy prices in a market that we believe needs reform. The Irish energy supply market is changing, and we have seen several suppliers simply exit citing the structural challenges in Ireland. We need to create a more level playing field for all energy suppliers".
He said Pinergy customers are empowered with smart technologies that allows them to see their energy consumption day in day out.
"This winter, we will be urging our domestic customers to make sure they access our app and gather their own insights on their electricity usage. We estimate that between 15% and 20% of energy in the home can be wasted. We all know the cheapest unit of energy is the unit of energy that you don't use. We will also do our best to help those customers who may need assistance with the persistent rising energy costs."
Mr Cassidy said the Government needs to decide now how it plans to help households over the coming months. "Is the temporary reduction in VAT being kept? Is another energy credit going to be paid? Is the Government going to place a windfall tax on energy companies - and if so, how would this even work when many are headquartered overseas?"