Energy provider Panda Power to exit Irish electricity and gas market

Energy provider Panda Power has confirmed that it will be making a controlled exit from Ireland's electricity and gas market due to unsustainable price increases in the wholesale energy market.The move comes after Glowpower, Bright Energy and Iberdrola all exited the Irish market earlier this year.

Following a strategic review of its business, Panda Power said the commercial decision had been reluctantly taken due to the "unprecedented, sustained and insurmountable" price increases in the international wholesale energy market.The company said it wishes to reassure all its customers there will be no disruption to their energy supply and that there will be an opportunity for them to choose a new supplier up to and including the 28th of September 2022.

The energy supplier also said it would work with all affected employees to redeploy them in the wider Group and has guaranteed that there will be no compulsory redundancies as part of this process. "Over recent months Panda Power has examined all possibilities of absorbing additional cost internally and minimising customer price increases.

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