Pinergy has become the first electricity supplier in Ireland to announce a price decrease.
The company has confirmed standard residential electricity prices will reduce from March 31st.
The changes will amount to a 7.1 per cent reduction to the typical household cost, equivalent to €183 annually (including VAT) based on typical consumption.
The new rates will see the 24-hour standard rate (excluding VAT) fall to 42.77c per kilowatt hour (kWh), while the daytime and night-time standard rates (excluding VAT) will drop to 43.92c per kWh and 31.17c per kWh respectively.
Standing charges will also fall to 71.23c per day, or 78.87c per day for rural customers.
"We had previously committed to reducing electricity prices when circumstances and market conditions allowed," Pinergy chief executive Enda Gunnell said.
"With recent reductions in the wholesale costs of electricity, we are now pleased to be able to announce this price decrease.
"However, the outlook on global wholesale markets continues to show inflated & volatile pricing over the medium term. The Energy Crisis has not gone away, and market reforms of the Energy sector are still urgently required," he added.
