Dublin: Electric Ireland is set to alleviate financial burdens for households in Ireland by implementing reductions in electricity and gas rates. The forthcoming adjustments, slated to take effect from March 1, will witness a substantial 8% decrease in electricity tariffs and a 7% reduction in gas prices. Boasting a customer base of 1.1 million residences, Electric Ireland anticipates that these lowered rates will provide substantial relief to its consumers.
The revised rates are anticipated to translate into significant savings for customers, with electricity bills expected to decrease by €152.78 annually and gas bills by €111.29 per year. Electric Ireland asserts that these revised prices are the most competitive in the market. This marks the second instance of rate cuts by the company, following a 10% reduction in electricity charges and a 12% cut in gas prices in September, which took effect in November. Notably, Electric Ireland, the largest energy supplier in Ireland, had increased rates three times in 2022 and twice in 2021.
Pat Fenlon, the Executive Director of Electric Ireland, acknowledged the challenges faced by customers amid the ongoing energy crisis. Over the past four months, the company has managed to reduce electricity prices by 17.2% and gas prices by 18.2%. The move is seen as a proactive response to the adverse impacts of the energy crisis that has persisted for the past two years.
SSE Airtricity had previously implemented rate cuts in December, reducing household electricity rates by 12.8% and gas prices by 11.5% in February. It is anticipated that other energy suppliers may follow suit with similar concessions.
Despite a 14.1% reduction in electricity rates compared to the same period last year, Electric Ireland’s current electricity rates remain 85% higher than pre-COVID levels, according to Daragh Cassidy, head of Bonkers Communications. Deputy Prime Minister Micheal Martin welcomed Electric Ireland’s announcement, expressing optimism that rates from other suppliers would soon follow suit. The surge in energy charges over the past two years, attributed to global conflicts and issues in Ukraine, has placed considerable strain on households.
Finance Minister Michael McGrath, attending a Eurogroup meeting in Brussels, lauded Electric Ireland’s initiative as a significant relief for Irish families. He highlighted the promise of favourable energy wholesale prices and anticipated that other energy companies would join in reducing rates.
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