Electric Ireland has declared its second price reduction in four months, confirming an 8% decrease in electricity rates and a 7% reduction in gas rates. The standing charges for both electricity and gas will also witness an equivalent reduction. These adjustments are set to take effect from March 1st.
According to Bonkers.ie, the average household can anticipate annual savings of €153 on their electricity bill and €111 on their gas bill due to these reductions. Electric Ireland, the largest energy supplier in the country, serves over 1.1 million electricity customers and approximately 170,000 gas customers.
This latest price cut follows the supplier’s announcement in November of a 10% reduction in electricity prices and a 12% reduction in gas prices. Similar reductions by other energy providers were also witnessed toward the end of the previous year, aligning with decreases in the wholesale cost of energy.
Pat Fenlon, the Executive Director of Electric Ireland, acknowledged the ongoing challenges faced by customers due to global events and the energy crisis of the past two years. He emphasised that, coupled with the reductions announced in November, the current announcement amounts to a substantial overall decrease of 17.2% in electricity prices and 18.2% in gas prices within a span of four months. This, Fenlon noted, translates to an annual saving of approximately €692.81 for customers.
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