Panda Power has told its customers that it has made “the difficult decision” to exit the electricity and gas market in Ireland.
“Unfortunately, over the past 18 months our business has faced a series of external pressures due to unprecedented and insurmountable price increases in the international wholesale energy market which have risen by over 600% since February 2021. Forcing us as a business to pass these price increases on to our customers,” they said in an email to customers.
“Panda Power has examined all possibilities of absorbing additional costs internally and minimising further customer price increases. Despite our best efforts this is no longer possible, and we cannot justify imposing on you, our customer, the substantial price increases now necessary to stay in business.”
“We have therefore reluctantly made the difficult decision to exit the electricity and gas market in Ireland.”
Panda Power launched in 2015, and grew more than 60,000 customers in that time.
The company said that Panda waste and recycling customers will not be affected by this decision. They also added that there would be “no disruption” to electricity or gas supply or customers.
“There is no need for you to do anything. As part of our controlled exit, Panda Power has entered a process with the Commission for Regulation of Utilities (CRU) called ‘Supplier of Last Resort’ (SOLR), which ensures all customers will have a seamless transfer to the CRU’s designated suppliers, Electric Ireland for electricity customers and Bord Gáis Energy for gas customers from 30th of September 2022,” they wrote.
Alternatively, customers wishing to choose their own new supplier could do so, they said.
“We would encourage you to take your time and explore the market for best value. You will have up to and including the 28th of September 2022 to make your own choice of a new supplier. There will be no exit or transfer fees for the movement to your new supplier. You can visit Bonkers.ie Switcher.ie and Powertoswitch.ie to find the best value.”
Panda Power is the fourth energy supplier to leave the Irish market in recent times, with Spanish energy giant Iberdrola , along with Bright Energy left all exiting.