Ireland's top energy companies have released statements on whether they plan to follow suit with Pinergy and drop prices for customers this year.
They stressed that forward hedge contracts, up to a period of 24 months, are entered into at different times, causing a delay in a reflection of the wholesale markets and retail prices for the customer. "As of 1 February 2023, Electric Ireland offers the lowest Estimated Annual Bill for electricity on the market," they released in a statement.
Bord Gáis Energy said that their team of expert trading analysts purchase their energy on the forward market rather than on the more volatile spot market. "Prior to today’s announcement, our Standard Variable Tarif was almost €300 below that of Pinergy’s and even after their move , our customers enjoy a rate that is almost €100 less expensive," they claimed.