PREPAYPOWER HAS ANNOUNCED it will freeze electricity and gas prices for more than 200,000 customers over the winter months.

The pay-as-you-go energy supplier said it would hold its current rates despite rising wholesale energy costs and concerns over European gas supplies.

It marks the second successive winter that PrepayPower has introduced a price freeze for customers.

The announcement also comes just over five months after PrepayPower increased its prices, raising estimated annual electricity bills by 8.8% and gas bills by 10.6% from 1 June.

The increases added approximately €168 to the average household’s annual electricity bill and €171 to its gas bill.

Several other energy suppliers have also increased their prices over the past year.

Electric Ireland raised electricity prices by 8% and gas prices by 7.7% in July, while Flogas increased estimated annual bills by 10.9% for electricity and 11.8% for gas later that month.

Other suppliers, including Bord Gáis Energy, Energia, SSE Airtricity and Pinergy, have also announced price increases in the last year.

Electric Ireland also announced a winter price freeze when it increased its prices in July.

Eric Mulane, managing director of PrepayPower, said the decision was intended to give customers some certainty over their energy bills.

“There’s a lot of concern that energy bills will rise over the coming months, so we’ve decided to freeze our prices for the winter,” Mulane said.

“People often assume pay-as-you-go costs more, but on the energy regulator’s own comparison measure, our electricity prices are cheaper than most bill pay suppliers’ standard tariffs.

“Hopefully that gives PrepayPower customers some certainty as they plan their budgets this winter.”

Under the freeze, PrepayPower’s standard 24-hour urban electricity unit rate will remain at 37.62 cent per kWh, including VAT, while its standard gas unit rate will remain at 12.89 cent per kWh, including VAT.