Electric Ireland is the latest energy supplier to cut its prices. It is the first time it has reduced its prices in over three and a half years.
It follows recent price drops from the likes of Energia and Pinergy.
The supplier is decreasing its standard unit rate of electricity by 10 per cent and its standard gas rate by 12 per cent from November 1st.
It is also decreasing its standing charge for both electricity and gas by the same amount.
When both reductions are taken into account the average household will save around €212 a year on their electricity and €216 on their gas.
However, last October Electric Ireland hiked its electricity prices by almost 40 per cent and its gas prices by almost 50 per cent.
In August 2022, it hiked its electricity prices by over 11 per cent and its gas prices by over 30 oer cent.
Electric Ireland is the country’s biggest electricity supplier with over 1.1 million customers. It has around 170,000 gas customers.
Speaking about the news, Daragh Cassidy, head of communications for bonkers.ie said:
“This is obviously welcome news and yet another sign of some normality returning to the energy market.
"It comes on the back of recent price decreases from Pinergy and Energia, and it’s likely all the other main suppliers will announce similar cuts over the coming weeks.
“It’s also welcome that Electric Ireland has cut its standing charge. These were increased hugely by all suppliers during the crisis. No one can avoid them, no matter how little energy they use, so it’s good to see Electric Ireland begin to reverse some of the previous hikes.
“However, even after today’s reduction, Electric Ireland’s prices remain around double what they were in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices."
