Pinergy has relaunched WinterLock, a commercial plan that lets Irish businesses fix their electricity unit rates through to 31 March 2027. The plan arrives as new research finds one in two firms have delayed or cancelled major commercial decisions because of persistent energy price volatility.

Pinergy is a Dublin-headquartered electricity supplier founded in 2013 and majority owned by Japan’s Sojitz Corporation, which reported annual sales of €215 million in 2023, up 38% on the previous year. WinterLock is available to commercial enterprises of all sizes across Ireland from today.

The structural driver is wholesale price volatility. Central Statistics Office data shows wholesale electricity prices have risen by more than 72% over the past 12 months to their highest level in almost four years, which Pinergy says is making it hard for businesses to plan.

A survey of commercial decision-makers by iReach Insights for Pinergy found that 73% are considering operational adjustments to manage winter bills, including reduced opening hours (28%), headcount reductions (15%) and passing costs on to customers (14%). Half have paused or shelved growth plans in the last six months, cutting back marketing spend (20%), recruitment (15%) and staff pay increases (15%), while 81% said guaranteed price stability would be critical to their planning.

WinterLock offers a hybrid structure rather than a multi-year fixed contract. Unit rates are fixed across the winter months and transition automatically to flexible market rates in spring and summer, when wholesale prices traditionally ease.

Daire Keating, chief commercial officer at Pinergy, said “energy costs continue to be a real challenge for businesses, making it difficult to plan ahead with confidence.” He said last year’s rollout had been a success and that the plan gives businesses “the flexibility to return to market rates when demand eases in the spring.”

Des O’Dowd, owner and founder of Inchydoney Island Lodge and Spa, used WinterLock last year and reported savings of up to 10% on energy-only costs. He said “by locking in our electricity rate with Pinergy, we gained greater certainty and control over one of our largest operating costs.”

For the sector, WinterLock shows suppliers shortening fixed-rate terms to match seasonal demand, giving businesses cost certainty without committing to long contracts.

Source: irishtechnews.ie / sojitz.com