Amid rising wholesale gas and electricity rates, energy provider Panda Power is exiting the Irish market.
Around 50,000 consumers for electricity and 10,000 for gas are served by the supplier in the Republic.
Panda is the largest Irish-based energy supplier to collapse as a result of the current crisis.
After Iberdrola, Glowpower, and Bright Energy, the company is now the fourth supplier to leave the Irish market in a short period of time.
The announcement comes at a time when energy markets are very volatile, with gas and electricity prices approaching all-time highs.
Now that all of Panda’s electricity customers have been transferred to Electric Ireland and all of its gas customers have been transferred to Bord Gáis Energy, the energy regulator’s “supplier of last resort” procedure will begin.