Its planned exit follows the departure of Glowpower, Bright Energy, and Iberdrola from the Irish market earlier this year.
The company said the decision has been reluctantly taken due to the"unprecedented, sustained and insurmountable price increases in the international wholesale energy market".Panda Power said there will be no disruption to its customers' energy supply after its decision to leave.
Panda Power also said it will 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. "The international energy market is facing unprecedented challenges, with wholesale energy costs having risen to unsustainable levels," a spokesman for the company said.
"Over recent months Panda Power has examined all possibilities of absorbing additional cost internally and minimising customer price increases. Despite our best efforts this is no longer possible, and we cannot justify imposing on customers the substantial price increases now necessary," he added.
They offered serious incentives to renew just few months back the industry really must be in trouble
Good. Hopefully their waste collection goes next. Monopolising scumbags.
Ursula von der Leyen speech yesterday....EU only importing 9% of its gas from Russia ....Thank God for US gas ...
No wonder, never fucking heard of them. Marketing clearly shit