- The cuts to electricity prices, gas charges, and standing charges will lead to savings of €212.06 a year on the estimated average annual bill for electricity.
- It is the first cut in prices by Electric Ireland, the largest energy provider in the Irish market.
Electric Ireland has announced a 10 per cent reduction in domestic electricity prices and a 12% reduction in gas charges. The changes are effective from November 1 and will benefit the utility provider’s 1.1 million customers.
The cuts to both unit rate and standing charge will lead to savings of €212.06 a year on the estimated average annual bill for electricity. The company’s gas customers will see an average yearly bill fall by €216.67. It is the first cut in prices by Electric Ireland, the largest energy provider in the Irish market since wholesale energy costs began to soar due to the Ukraine war. Last year, Electric Ireland raised prices three times, the last occasion being in October, while in 2021, it raised them twice.
“We know that the last two years have been particularly hard for our customers, given the impact of much higher energy prices following the Russian invasion of Ukraine,” said Pat Fenlon, Executive Director of Electric Ireland.
“While unprecedented international wholesale prices have fallen in recent months, Electric Ireland’s customers were not exposed to the extremes of these prices as a result of hedging strategies. However, wholesale gas prices remain about 300% higher than they were in 2020, which is continuing to impact customer bills,” he added.
Electric Ireland added that it has put in place measures to help customers having difficulty paying their bills, including payment plans and a €5m hardship fund. The move by Electric Ireland comes after weeks of political and consumer pressure on all the energy suppliers to act on falling wholesale costs by cutting prices. According to recent data, Ireland currently has the highest electricity prices in Europe (80 per cent above the average) and the fourth highest gas prices.