Ireland to Witness Substantial Energy Price Reductions Starting Today
Dublin: Irish Energy Companies Announce Substantial Price Reductions for Consumers.
Several prominent energy companies, including Electric Ireland, SSE Airtricity, Flogas, PrepayPowers, and Bord Gais Energy, have revealed significant reductions in electricity and gas tariffs starting today.
Approximately 2 million consumers are set to benefit from lowered unit rates and standing charges.
Electric Ireland, with more than 1.1 million customers, will implement a 10% decrease in electricity prices and a 12% drop in gas prices. Coupled with the reduced standing charges, this translates to annual savings of €212 for electricity and €216 for gas.
SSE Airtricity will offer substantial reductions of 12% on electricity and 10% on gas prices for hundreds of thousands of households.
Prepaypower’s 180,000 residential customers will enjoy a reduction of 12.8% in electricity rates and 13.5% in gas rates.
Other major energy providers are also slated to adjust their prices in the coming days.
Flogas, for instance, plans to lower household electricity and gas prices by a significant 30% on November 6, leading to savings of €900 for electricity customers and €780 for gas customers.
Bord Gais Energy will follow suit on November 9 by reducing rates for 600,000 of its customers. This move will result in a 15.5% reduction in electricity and gas charges, translating to annual savings of €357 for electricity and €274 for gas customers.
Several other energy companies, including Energia and PennEnergy, are revising their prices downward, having previously raised rates. It is worth noting, however, that these price drops come after a notable increase in household energy costs, and current prices remain higher than they were 18 months ago. The upward trend in energy prices has been attributed to global factors, including the conflict in Ukraine.
Notably, Irish consumers did not experience relief even when global energy price indicators showed a 61% decrease up to September of last year.
Simultaneously, the government’s initiative to provide energy credits, as announced in the budget, will commence in December. These energy credits, totaling three payments of €150 each, will be disbursed to household electricity consumers. The remaining credits will be distributed in the months of January and March 2024.
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