Fourth energy supplier leaves the Irish market as crisis deepens

A FOURTH energy supplier is leaving the Irish market.

Panda Power, which has around 60,000 residential electricity and gas customers, is the latest victim of the energy crunch.

It comes after Spanish energy giant Iberdrola pulled out of the residential supply market here, and GlowPower and Bright Energy left.

The enormous surge in wholesale energy costs since the Russians invaded Ukraine have squeezed resellers like Panda, making it very difficult for them to make a return.

Panda Power only increased its electricity and gas prices in August. Electricity prices went up 12.7pc, and gas by 25.8pc.

It was Panda’s second price increase this year. It last raised its prices in May. Last year it increased electricity prices five times and gas prices four times.

After the new price rises the average customer ended up paying about €2,500 a year for their electricity and €2,000 for their gas.

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