Pinergy is cutting the cost of electricity for its customers by 7.1%, the company has announced. 

It is the first company in Ireland to announce a drop in energy prices since international wholesale prices started to fall and Pinergy estimates it will save the average household €183 a year.

Around 30,000 people in Ireland are Pinergy customers - all of whom use a pay-as-you-go model. 

“We are now pleased to be able to announce this price decrease. However, the outlook on global wholesale markets continues to show inflated and volatile pricing over the medium term,” Pinergy CEO Enda Gunnell said.

“The Energy Crisis has not gone away, and market reforms of the Energy sector are still urgently required. 

“We continue to engage with regulators and policy makers to urge reform for energy users, generators and suppliers across the marketplace.”

An energy bill is seen in 2009. Picture by: Andrew Paterson / Alamy Stock Photo

Energy prices shot up in the wake of Putin's invasion of Ukraine last year, as countries across the world announced they would shun Russian fossil fuels.

One year on, David Kerr of Bonkers.ie believes the worst of the energy crisis is probably over. 

“What we’re expecting now in 2023 is hopefully going to be the year where electricity costs decrease over time,” he told Newstalk Breakfast. 

“But as Pinergy rightly pointed out, the energy crisis is not over.”

Main image: Electricity pylons. Picture by: Eamonn Farrell/Photocall Ireland