Panda Power to leave the Irish energy market - C103
Panda Power has announced its departure from the Irish energy market, making it the fourth supplier to exit the energy market in Ireland in the last 12 months.
Our Head of Communications, Daragh Cassidy, appeared on C103 to discuss Panda Power's departure, answer listener queries, and discuss what measures could aid us during the ongoing energy crisis.
Read the main points from the interview below, or listen back to the interview above.
Key points from the interview
Panda Power customers will be moved over to a new supplier on the 30th of September.
Around 50,000 electricity customers will be sent to Electric Ireland, while around 10,000 gas customers will get sent over to Bord Gáis Energy (BGE).
If people want to switch to a supplier of their own choosing, they have until the 28th of September to do that.
During the switch, no one's supply will be interrupted.
If you don't switch, you may be stuck paying standard rates with Electric Ireland or BGE for three months or so, as there may be a lock-in period once Panda Power's customers switch to the supplier of last resort (SOLR).
Along with Panda Power, Iberdrola, Bright Energy and Glow Power have left the Irish energy market.
Some energy providers generate electricity, while others are retailers and just supply it. People often don't know the difference between these, and that's why there have been calls for a windfall tax on energy suppliers.
If you don't want to switch, you could try to negotiate a loyalty discount with your existing supplier. However, usually these discounts aren't as good as new customer discounts.
A price cap on energy wouldn't work in Ireland as we don't own the gas supply, and it would be the taxpayer picking up the tab.
In the UK, the consequences of the cap they have and the cost of it may only become a little bit clearer over time.
It will be interesting to see what measures the Government announces in the Budget and there are talks of more €200 credits to help households.
Despite rising energy costs, it does still pay to switch and it is worthwhile doing, especially on a yearly basis.
Find a new energy supplier today
If you're a Panda Power customer looking to switch to another supplier, you can use our free energy price comparison tool to compare deals from Ireland's main energy suppliers.
Check out our Quickstart Guide to learn about the comparison and switching process.
Did you know that we also have comparison tools for broadband, insurance and banking products? Discover what you could save on your household bills today!
Are you affected by Panda Power's decision to leave the energy market? Do you have any questions about the announcement? Let us know on Facebook, Twitter and Instagram.
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