Energy prices

irishchris

Good to see first provider dropping prices. They did only increase them recently but hoping all providers begin to follow suit. According to this article wholesale prices are now cheaper than before the start of the Ukraine war. Bulk buying in advance may slow down the price drops but would still expect some to announce drops.

Now let's hope the fit rate stays the same and doesn't drop coming into the good production months

https://www.rte.ie/news/business/2023/0220/1357621-pinergy-becomes-first-energy-provider-to-cut-prices/

Xander10

It always seems they pass on the increase in costs immediately but have an excuse to delay reductions.

Hopefully the rest will follow suit sooner than later

graememk

Good to see them move, but pinenergy still is more expensive than other suppliers.

(@irishchris I dare say it was still the right choice for you though!)

Will interesting to see if anyone else makes a move.

irishchris

https://www.boards.ie/discussion/comment/120263897#Comment_120263897

Yep their day time rate is very expensive even with this drop! For me perfect supplier in their standing charge is lowest in market. Thankfully together with the fit and government credit I'm just under 1000e in credit after all bills for year taken into account since I joined them in may. But not for everyone as you need decent battery to take advantage of the ev rate.

Fully expect some other providers to follow them with price drops. Pinergy were first to increase fit rates last year and within two weeks several had started to increase theirs.

yankinlk

https://www.boards.ie/discussion/comment/120263913#Comment_120263913

are u able to "cash out" that credit at some point?

irishchris

https://www.boards.ie/discussion/comment/120263982#Comment_120263982

Only recently contacted them in that regard so still awaiting response. I know when you leave companies in credit they are legally obliged to pay you for it and have received cheque from SSE and electric Ireland in past four credit. Have no intention of leaving pinergy though and am in two year contract but problem is no one else is offering anywhere near the same on a smart plan.

Will follow up on that today as otherwise will be nearly double this figure after full year of exporting and don't fancy the idea of so much credit if the company went under.

micks_address

https://www.boards.ie/discussion/comment/120263993#Comment_120263993

thats the only thing thats stopping me looking at them.. i dont want a load of credit building up.. currently with ei night boost and avoiding pretty much any peak rate usage.. solar/battery etc.. if ei widened their cheapest rate to 3 hours id be happy out... a 2 hour window is fairly tight! to charge the car, batteries, dishwasher and washing machine!

irishchris

https://www.boards.ie/discussion/comment/120264229#Comment_120264229

Yep definitely agree works rather cash payment for our before the end of my contract. Obviously legally they have to give it as cheque when you leave their network bit going to try to get some of it out now. Although worse case scenarioi end up not paying a bill for next 15 months before leaving with a nice cheque.

Are EI paying it out as cash then or which networks are? Agree two hours ev charge would be too tight for me even with 100A charging in winter.

micks_address

https://www.boards.ie/discussion/comment/120264669#Comment_120264669

EI are giving credit on the bill but i dont do level pay.. i just pay for what the bill is each two months.. no estimation involved

irishchris

https://www.boards.ie/discussion/comment/120264716#Comment_120264716

That's probably better in fairness as at the minute I'm paying €5 per month on level pay which in reality should be nothing if in credit. Although compared to the standing charge of nearest supplier I would be paying a lot more than that 5€ per month in standing charge difference

Ideally all suppliers should give option of credit or cash payment for fit considering there is a tax liability on it

flexcon

https://www.boards.ie/discussion/comment/120263879#Comment_120263879

This is almost debunked.

The Irish providers only raised their prices a full 9 months after the wholesale price went up 150%. This is because they bulk bought with futures. So in the same way, if the price goes down, they are still stuck with the same higher price.

Similarly the way Ryanair was screwed over a few years back locking in 6 months of fuel supply at 100 dollars a barrel when it dropped to 75 if you bought each day for that period. Hedging is good for stability but it's not always in your favour.

paulbok

https://www.boards.ie/discussion/comment/120264766#Comment_120264766

EI had their first increase in May 1st last year, 4 months after wholesale went through the roof. 3 increases in those 9 months. hedging wasn't the only factor for the increases.

micks_address

https://www.boards.ie/discussion/comment/120264747#Comment_120264747

when you start with pinergy - whats the lowest level pay you can get to? i didnt think they'd adjust down to as low as 5 euro a month..

flexcon

https://www.boards.ie/discussion/comment/120264875#Comment_120264875

That's a measurement of the huge shoot up in wholesale price. the price was already up 20% in the proceeding 6 months to the BIG increase. with no price increase from the majority of providers.

It all depends on agreeing "When" the prices meaningfully went up.

irishchris

https://www.boards.ie/discussion/comment/120265179#Comment_120265179

First two months were 116 then dropped to 15, following month 7.83 and since then 5€ a month. Can see it ever rising from that now with fit overriding bill amount each month.

loyatemu

coming off contract with Energia, I had 40% discount. Looks like the cheapest option now is SSE but still 2.5 times what I was paying this time last year (for gas as well), serious kick in the teeth.

Am I right in saying SSE have the highest FIT? think it might be time to get solar installed...

DC999

https://www.boards.ie/discussion/comment/120266213#Comment_120266213

Here's the rates someone pulled in Jan. PV Feed In Tariff - Page 55 — boards.ie - Now Ye're Talkin'. Pinergy pay the highest but have hugeeeee peak rates. So for those with large batteries and large solar it works as don't need to buy day units.

Yes, it's time to get solar :) I'm live 6 months and wonder why I didn't do it earlier than 2022

micks_address

With pinergy you get a great rate for 3 Hours but rest is a peak rate? They don't do a mid peak rate like ei?

irishchris

Pinergy day rate with today's decrease is about 1c cheaper than energias day rate in their ev plan but unfortunately pinergy ev rate is only 3 hour with the rest of the time day rate compared to the 9 hours for energia.

Pinergy ev rate is only 7c though. It's a balance depending on your setup. For those with solar and decent storage its perfect, for those without it's not worth looking at.

The standing charge is only 77c a day though and for majority of the year with solar that should be the main number everyone should be taking into account when searching around for provider each year.

micks_address

https://www.boards.ie/discussion/comment/120267498#Comment_120267498

I've 9.5kwh soon to be 13.6kwh storage, EV with 4kwp south east, 3kwp north west. Currently with EI night boost. If I go to pinergy could charge the batteries and the car for the 3 Hours. The storage might be enough to cover the 21 hours peak rate. Definitely would for 9 months of the year. I might consider them.