Electricity Company Lighting Up in Ireland
Pay as you go electricity service launched in Ireland which stops billing hard pressed customers.
April 5, 2011 (FPRC) -- PrePayPower.ie the new pay-as-you-go Irish electricity company offers a no bills service and, has signed up more than 450 customers within weeks of its launch.
Prepaypower was set up in 2009 and, after a development phase, launched on a pilot basis at the start of this year. Aidan O’Neill, Prepaypower’s chief executive, said the firm installed its own technology in customers’ homes and customers could then purchase “credit”, similar to a mobile phone, and input the unique 20-digit code into their home system.
The firm charges the same unit price and standing charges as the ESB, but also applies a fixed daily charge of 30 cent. O’Neill said customers could top up at about 500 prepay points nationwide, or could top up over the phone. Customers can top up by €5, €10 or €20, or by combinations of these amounts, subject to a daily cap of €175.
The firm is owned by its four directors and two additional shareholders, with O’Neill holding the majority stake. He said the company had so far been funded by its shareholders and the issue of bonds. “We are now seeking investment - we require funding to reach scale. It’s a heavily outsourced model," O’Neill said, explaining that the firm had outsourced the installation of its technology and its call centre operations.
Prepay electricity models have gained popularity in other markets, with O’Neill saying that one in three homes in the North of Ireland paid for their power in this way. ‘‘We are following a well-established path," he said, adding that the model was very relevant in the current economic climate."
Send an email to Aidan O Neill of PrePayPower