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Panda Power and Pinergy both plan to hike prices from 1 August

This brings the total amount of price increases so far this summer to six.

Following price hike announcements from SSE Airtricity, Electric Ireland, Flogas and Energia in June, Panda Power and Pinergy have both announced this morning that they are also hiking prices from 1 August.

Panda Power will be increasing their electricity standard unit rate by 5.9% and their gas standard unit rate by 5%. This will mean an increase of almost €80 on a typical dual fuel bill.

Meanwhile, Pinergy will hike its electricity prices by 9.38% from 1 August. The increase will add €71.76 onto the average annual electricity bill.

Switch and make savings on your energy bills now

If you haven’t switched to a new energy supplier in the last year, you’ll be on what’s known as a standard tariff, which means there are huge savings to be made by switching.

The average household with both gas and electricity could save up to €378 by switching from standard tariffs to the cheapest deals on the market, which could go a long way towards offsetting the damage that will be done with these price hikes.

It’s really easy to compare energy deals and switch - it only takes around five minutes using Switcher.ie’s gas and electricity comparison tool, and you’ll make significant savings, so it’s worth taking the time.