PrepayPower to freeze energy prices for customers

PrepayPower has announced it is freezing electricity and gas prices for customers this winter.

The move will mean the energy provider's estimated 200,000 customers will be guaranteed to see no price increases until March 2027 at the earliest.

PrepayPower is the country's largest pay-as-you-go electricity and gas supplier, with around 180,000 electricity customers and 60,000 gas customers (if a customer has both an electricity and gas account, they are counted in the numbers for both energy categories).

Ahead of last winter, the provider - along with its sister company Yuno Energy and Electric Ireland - announced a similar price freeze.

However, in June PrepayPower increases its electricity prices by 8.8% and gas prices by 10.6%.

Most of the main energy providers have also hiked their rates for customers this year.

In relation to this winter's price freeze, the company said it comes "despite rising wholesale energy costs and concerns over European gas supplies at a time when most customers are fearing energy price increases".

Figures from the Central Statistics Office last week showed the prices for energy products - which include electricity, gas and other fuels - jumped by 15.3% in the year to September.

New measures to help households manage energy bills

The announcement comes as the Commission for Regulation of Utilities (CRU) has published enhanced protection measures for energy customers for this winter.

Included in the new measures, which come into immediate effect, is a change to repayment terms for customers who are in arrears.

The CRU says repayment plans must now reflect what customers can afford, treat upfront payments as optional rather than mandatory, and allow customers at least 18 months to repay their debt.

The energy regulator also stipulates that suppliers "should first seek practical solutions within their own support frameworks before referring customers in difficulty to organisations such as MABS or SVP".

The new requirements are in addition to a range of measures already in place to help protect households.

The maximum proportion of a pre-payment meter top-up used to recover legacy debt will remain at 15% for the coming winter, and suppliers must also advise pre-payment customers in debt about alternative payment options, while the €200 charge for moving from a gas pay-as-you-go meter to a credit meter will remain suspended.

The CRU also says emergency credit on prepayment meters is staying at the increased level of €20 (from the previous €10 level).

Suppliers are also required to place customers with financial hardship meters on their lowest-cost tariff and provide trained staff and dedicated support contacts.

While there is a five-month disconnection moratorium for special-services customers, with full protection for critical-services customers.

Energy providers must also promote the 'vulnerable customer register' by SMS/email and on their websites by 4 December this year.

Latest figures from the CRU show that in July 14% (322,234) of domestic electricity customers were in arrears, while over a quarter (27% or 188,882) of domestic gas customers were behind on their bills.

The average value of a an electricity account in arrears is over €500, with the average account arrears for a gas customer above €200.