Latest News - PrepayPower

• Announces 9.9%  rise in unit prices for electricity from December

• No change to unit prices for gas and no further increases likely through the Winter for gas or electricity

• Company confirms €750,000 support fund to assist customers in difficulty.

Company continues to have cheapest standard unit rates for gas and electricity AFTER this price increase.

PrepayPower has advised customers of its electricity service that it will increase its price for electricity by 9.9*%,  from the 1st December.  It is expected that the changes will increase the average weekly cost for electricity for a typical customer by €3.89*. The company has also confirmed that there will NO change to the company’s gas prices at this time and that no further increases in gas or electricity unit costs are expected this Winter.

The increase will be applied only to the unit rate of electricity. There is no change to the standing charges. After this increase, PrepayPower will continue to have the cheapest standard unit rate in the market for both gas and electricity.  

The company has also released data which shows that users who commenced the service in 2021 saved an average of 8.4% on their consumption of electricity compared to what they had been previously paying on bill pay.

Speaking today a spokesman said; “while we are pleased to be able to hold gas prices at current levels as a result of our extensive hedging operations, unfortunately, even though there is some volatility on spot prices at present, the fact remains that longer term wholesale electricity and gas prices are 4 times their historic norms. That has left us with no option but to increase prices for our electricity customers. However it is important to note that AFTER this increase, we will continue to have the lowest standard unit rate for electricity and gas of any operator in the market in Ireland as we have kept successive price increases as low as possible. We also believe that this will be the last increase necessary for Winter ‘22.”

PrepayPower continues to work hard to protect its customers from the worst effects of surging wholesale energy costs.  The company today confirmed that it has a support fund of €750,000 to help customers. The company works with MABS to help focus supports on those most in need.

*The 9.9% increase and the average weekly cost is calculated based on the estimated annual bill as defined by the Commission of Regulation of Utilities (CRU)

A recent study of 2,202 24Hr Urban PrepayPower customers who joined in 2021 decreased their consumption by 8.4% one year after switching to PrepayPower. 8.4% was the median reduction experienced by the sample set assessed

Issued on behalf of PrepayPower by Gordon MRM

Ref: Ray Gordon / ray@gordonmrm.ie

As a result of continued upward price pressure on international energy markets, PrepayPower has advised customers that it will increase prices for electricity (up 19%) and gas (up 29%) from 1st October[1].

PrepayPower continues to work hard to protect its customers from the worst effects of surging wholesale energy costs.  Irish wholesale electricity and gas prices have risen 10x their historic norm over the last 18 months. PrepayPower is deploying hedging reserves to absorb as much of the increased costs as it can, to shelter customers from much of the wholesale cost inflation.

PrepayPower sells electricity and gas to retail customers on a pay-as-you-go basis. The company has 170,000 electricity customers and 60,000 gas customers. PrepayPower customers top up their meters and control their energy usage by means of a smartphone app or by purchasing credit in newsagents or other shops. It is expected that the changes will increase the cost on average by €6.53 (electricity) and €8.24 (gas) per week.

Speaking today a spokesman said; “Regrettably, surging international wholesale costs make customer price increases inevitable. Were it not for our extensive hedging operations, these increases would have had to be significantly higher. We continue to work hard to protect customers to the greatest extent possible from the impact of these international developments.”

Issued on behalf of PrepayPower by Gordon MRM

pressoffice@gordonmrm.ie

Ref: Ray Gordon

[1] Based on the estimated annual bill as defined by the Commission of Regulation of Utilities (CRU)

In response to continuing increases in energy prices on both the national and international markets, PrepayPower will increase  electricity prices by 9.9% from July 1st.  The company will also also increase gas prices by  19.9%.  PrepayPower has 170,000 electricity customers and 60,000 gas customers.

The impact of the increase will be approximately €3.05 per week (electricity) and €4.65 (gas) for an average customer[1].  The company also confirmed that it has now completed the payment of the special Government €200 credit to all relevant customer accounts.

A spokesman said ‘These increases are a result of rising energy costs internationally.  Our hedging strategy has enabled us to avoid some of the larger increases that others have had to pass through but clearly any increase is regrettable. We are seeing increased use of our mobile app through which customers can actively manage the service to reduce unneccessary usage.’

Issued on behalf of PrepayPower by Gordon MRM

pressoffice@gordonmrm.ie

Ref: Ray Gordon

[1] Based on the estimated annual bill as defined by the Commission of Regulation of Utilities (CRU)

As a result of continued upward price pressure on international energy markets, PrepayPower has advised customers that it will increase prices for electricity and gas by 9.9% and 19.9% respectively. The increase will take effect from the start of next month (01/04/2022).

The increase follows sustained upward pressure on wholesale prices for power, gas and carbon on both national and international markets.

Speaking today a spokesman said; “We’ve worked hard to minimise the impact of these rising costs on our customers. We continue to advise customers to monitor their energy usage through our service as this gives them maximum visibility and control over their energy costs.”

Media Contact

pressoffice@gordonmrm.ie

PrepayPower has announced that as a result of continued upward price pressure on international energy markets, it must increase prices for electricity and gas by 9.7% and 8.0% respectively. The increase will take effect from 22nd October next.

This equates to an increase of just under 37 cents per day for electricity and 21 cents per day for gas for a typical customer.

This increase follows continuing upward pressure on wholesale electricity prices and commodity prices on both national and international markets in recent months. A number of other suppliers of electricity and gas have been forced to announce price increases significantly higher than those being announced today.

Speaking today a spokesman said; “We are continuing to take action to try to minimise the impact of upward price pressure from the markets on our customers. We have been able to keep price rises lower than many of our competitors but we have no option but to pass on this increase. Customers can reduce the impact of this increase through our app which allows them to monitor and manage their use of electricity and gas.”

Media Contact

pressoffice@gordonmrm.ie

Changes to electricity and gas prices from October

PrepayPower has announced that as a result of further upward pressure on international energy markets, it must increase prices for electricity and gas by 2.19% and 8.32% respectively. This will equate to an increase of 58 cents per week for electricity and €1.43 per week for gas for a typical customer. The increase will take effect from 1st October next.

This increase follows continuing upward pressure on both wholesale electricity prices and coAbout text formatsmmodity prices on international markets in recent months. A number of other suppliers of both electricity and gas have been forced to announce price increases significantly higher than those being announced today.

Speaking today a spokesman said; “Our ability to hedge against future price increases has enabled us to keep this price rise to a minimum but unfortunately we can not ignore the unprecedented upward pressure on wholesale costs in recent months. We appreciate that any increase is unwelcome and are disappointed to have to pass this on to customers.”

PrepayPower announces changes to electricity and gas prices.

PrepayPower, Ireland’s leading PAYG energy provider (PAYG = Pay As You Go) has announced that it will increase prices for electricity and gas by 9.7% and 4.4% respectively. This will equate to an increase of €2.35 per week for electricity and €0.72 per week for gas for a typical customer. The increase will take effect from 8th July 2021.

This increase follows continuing sustained upward pressure on both wholesale electricity prices and commodity prices on international markets in recent months. A number of other suppliers of both electricity and gas have been forced to announce price increases significantly higher than those being announced today.

Gas prices were reduced by the company in Spring 2020. After this increase the unit rate will remain 6% lower than at the start of 2020.

Speaking today a spokesman said; “The upward pressure on wholesale costs in recent months has been very considerable. We have sought to protect our customers from the full impact of these cost increases. We have held our current prices for as long as possible and the increases are less than the wholesale cost increases merit. We have been able to keep gas prices lower than at the start of 2020”

PrepayPower announces cuts to electricity and gas prices

Savings of almost €100 p/y on average for dual fuel customers.

PrepayPower, Ireland’s leading PAYG energy provider (PAYG = Pay As You Go) today announced a decrease in its energy prices.

The company, which supplies in excess of 150,000 electricity customers and 50,000 gas customers is reducing its unit rate for electricity by 2.5%, with a 11.5% decrease in the unit rate for gas.

This means a saving of over €97 per year on average for all of our dual fuel customers. The reduction will come into effect for all customers from 1st April 2020.

Cathal Fay, CEO of PrepayPower commented “we are delighted to be able to pass on this price reduction to all of our customers. They also continue to enjoy the control that our service gives them which helps them reduce consumption when and where they wish."