Energy provider Flogas will cut electricity and gas prices for its customers by up to 30 per cent from November 6th.
The utility company said it was committed to passing through recent wholesale energy price reductions to both its gas and electricity customers as winter approaches.
The price cut is the most significant yet out of all the energy providers, with some dual-fuel customers seeing a reduction of over €1,600 in their bills.
The reductions, which apply to all variable customers including those with a smart meter, will equate to a saving of €74.58 per month on the average electricity bill, or €895 annually, and €64.84, an annual saving €778, on the average natural gas bill, Flogas said on Friday.
Flogas general manager Sean O’Loughlin said: "As winter approaches, we are pleased to announce a reduction of 30 per cent in our standard rate unit rates and standing charges for both gas and electricity.
"While wholesale energy markets remain unpredictable, we have seen a calming of volatility of late and this allows us to make these reductions."
Flogas is the sixth energy provider to announce it would be lowering prices in recent weeks.
Last week, SSE Airtricity announced that it would cut its electricity prices by 12 per cent and gas prices by 10 per cent from November 1st, with Pinergy, Energia and Electric Ireland also announcing cuts.
Energy companies have faced renewed political pressure to pass on falling wholesale energy prices to customers.
Earlier this week Leo Varadkar said he told energy companies that they "must go further to reduce" prices in future billing cycles.
The Taoiseach and Minister for Environment and Climate Eamon Ryan met with Ireland’s four largest energy retailers – SSE Electricity, Bord Gáis Energy, Energia and Electric Ireland – on Tuesday to express concern at "persistently high" energy prices.
Figures published by the Central Statistics Office show that wholesale electricity prices, or what companies pay for electricity on the grid, fell by 17.9 per cent between June and July – and were 64 per cent lower compared with July last year.
This represented the lowest wholesale electricity price in two years.
According to the latest Consumer Price Index, consumer prices for electricity went up 31.8 per cent and gas costs were up 45.6 per cent in August this year compared with 12 months ago.
