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# Electric Shock
Competition is finally heating up for power and gas customers
Energia has cut its rates only a few days after a new player emerged in the market.
ENERGIA HAS RESPONDED to a low-price offer from a new competitor by cutting its rates for both people switching to its services and existing customers.
The energy company is offering a 19% discount on the standard electricity-only rate for new customers, a deal which it said could save €190 a year per household.
The deal comes only a few days after Panda Waste launched its energy arm, Panda Power, with an 18% discount – at the time the cheapest unit rate on the market.
New Energia customers on dual-fuel setups will get a 20% discount on electricity and 17% off their gas.
The energy company also said it was giving customers who were already signed up discounts of 2.5% and 2% respectively on gas and electricity prices on top of any deals they were already getting.
It will be running a “cheep-purr” advertising campaign (which partially explains these models dresses as a cat and budgie) to promote the lower rates.
‘Fleecing’ customers
Recent figures showed Irish consumers were paying the third-highest rates in the EU for electricity – and the most before taxes and levies were added – in the second half of last year.
Suppliers have so far been slow to pass on the benefits of low energy prices, which have been driven down with the global glut of oil coming from the major producers.
The “big four” retail providers – Energia, Airtricity, Electric Ireland and Bord Gáis Energy – were accused of “fleecing” their loyal customers at an Oireachtas committee meeting earlier this year.
However consumers have also been blamed for being slow to change suppliers to get a better deal.
Eoin Clarke, the managing director of comparison site Switcher.ie, said increased competition in the energy market was pushing down prices but customers needed to “take matters into their own hands” and get the best rate.
First published 11.48am
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