Panda Power becomes the second energy supplier to announce a winter price rise: Bills to increase from 5 November
Latest price increase could add up to €174 to the the average annual bill.
The second round of energy price hikes is well underway with Panda Power today announcing it will increase gas and electricty prices for a second time this year.
The latest rise will see electricity and gas prices increase by 11.1% from 5 November 2018. This will add €99 onto the average annual electricity bill and €75 onto the average annual gas bill for Panda Power customers.
If you add this on top of the first price rise in August of up to €80, this means customers could see their average annual bills increase by €254 in the space of just four months.
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Panda Power says the latest increases are in direct response to wholesale energy costs and the need to revisit their pricing structure.
I’m a Panda Power customer, what can I do?
Anyone who has not switched energy in the past 12 months is advised to do so now - despite the price hikes, there are still savings to be made.
The average dual fuel customer can currently save up to €289 by switching from standard tariffs to the cheapest deals in the market, so it’s definitely worth taking control now as we head into the cooler months.
You can also save on your energy bills by taking some energy-saving measures around the home.
“Unfortunately for households, energy price hikes tend to come in waves”
Speaking about the latest hike from Panda Power, Switcher.ie’s Managing Director, Eoin Clarke said: “Once one supplier announces a price rise, the rest typically follow suit, so not only does this latest hike spell bad news for Panda Power customers, it’s also a warning sign of things to come for all energy customers.”
He also urged consumers to take action now to reduce their winter bills by making their homes more energy efficient and to shop around for a better deal by switching to the cheapest deals on the market.