Prepay Power and Pinergy have announced they are reducing electricity unit rates by between 6.6 and 8.4 per cent.
Reductions for both companies will kick in from April 1st.
Prepay Power supplies 180,000 electricity customers and 60,000 gas customers.
Based on average annual usage, they said the reduction will mean a €247 saving for a typical dual fuel customer (using both gas and electricity provided by the company).
The company provides Pay as You Go (PAYG) services that enable customers to top up regularly in small amounts at times convenient to them.
Prepay Power decreased electricity unit rates and standing charges resulting in a saving of €136 per year (6.7 per cent) for an average customer.
An average gas bill was reduced by €111 per year or 6.6 per cent.
This is the second decrease that the company has made in recent months, following a 13.5 per cent decrease in gas unit rates and a 12.8 per cent reduction in electricity unit rates cut in November.
Chief executive Cathal Fay said: "We are delighted to be able to announce this latest decrease for our customers.
"We continue to provide competitive PAYG rates to our customers, including the lowest electricity standard unit rate in the market, after recently announced price reductions by other suppliers, together with our app that allows the customer to control costs and save.”
Meanwhile, Pinergy also announced its third price decrease in the last 13 months to its standard residential electricity prices effective from 1st April 2024. This follows previous decreases in March and October 2023.
This latest price reduction will result in an 8.4 per cent decrease in the typical household cost, which is equivalent to €183.12 annually (incl. VAT) in an Estimated Annual Bill (EAB) based on a domestic customer using typical consumption per annum on standard tariffs.
Commenting on the latest price reduction, Pinergy chief executive, Enda Gunnell, said: “We are now pleased to announce a third decrease in just over a year for all our residential customers as wholesale electricity pricing has further eased in recent months. However, inflated and often volatile electricity markets mean the energy crisis is not going away.
“As a country, we need to accelerate the transition to cleaner, lower-cost renewable energy for all. As part of the energy transition, we are pleased to be able to hold our 25c per kWh microgeneration payments for customers who are exporting excess electricity from solar panels and other micro-generation technologies."
