PINERGY IS TO hike its electricity prices by nearly 20% from 5 September.

The company said today that it is increasing residential electricity prices by 19.2% as a result of “the unprecedented volatile and upward pricing trends in the wholesale energy markets both domestically & globally.”

In a statement, Pinergy CEO Enda Gunnell said: “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.

“Frustratingly, this winter, Irish households & 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 would do its best to help customers who may need help with spiralling energy prices.

Pinergy offers both monthly and pay-as-you-go billing for electricity.

Earlier this week, the head of the United Nations accused oil and gas companies of making “excessive” profits from the energy crisis sparked by the war in Ukraine, calling it “immoral.”

UN Secretary General Antonio Guterres told reporters: “It is immoral for oil and gas companies to be making record profits from this energy crisis on the backs of the poorest people and communities and at a massive cost to the climate.”