Electric Ireland has announced its second price reduction in four months.
The energy supplier confirmed it will cut electricity and gas rates by 8 and 7 per cent respectively.
Standing charges for both electricity and gas will also reduce by the same amount.
The price change will take effect from March 1st.
According to Bonkers.ie, the reductions will save the average household €153 on their electricity bill annually, and €111 on their gas.
Electric Ireland is the largest energy supplier in the State, with over 1.1 million electricity and approximately 170,000 gas customers.
In November, the supplier announced a 10 per cent price cut for electricity and 12 per cent for gas. Other suppliers announced similar price cuts towards the end of last year following reductions in the cost of wholesale energy.
Commenting on the announcement, Electric Ireland executive director Pat Fenlon said the company is "acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years".
"Following a reduction of 10 per cent in electricity and 12 per cent in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2 per cent in electricity and 18.2 per cent in gas prices within a 4-month period.
"This will mean a saving of circa €692.81 per annum," he added.
