Electric Ireland is set to cut the price of both electricity and gas in the country in a move that could potentially save some of its 1.1 million customers nearly €300 a year.
This is the second price cut in four months, and household electricity prices will fall by 8% and gasoline prices by 7% from the beginning of March.
The reduction in both unit prices and recurring charges results in monthly savings of 13.73 euros on average electricity bills and 9.27 euros on average gas bills.
Spread over a year, Electric Ireland’s residential electricity customers save an average of just under €153, while residential gas customers save an average of over €111.
For customers who receive both electricity and gas from their provider, the combined savings will be an average of €264 per year.
A company spokesperson said that starting in March, the company’s estimated annual bill (EAB) will be lower than any other standard variable electricity rate EAB currently available or announced for the market.
This announcement comes less than two months after the last reductions began, and together they represent a cumulative reduction of 17.2 percent on electricity bills and 18.2 percent on gas bills, or 365 euros and 20 euros per year. Equivalent to euro savings. Electricity and gas costs average 328 yen each.
Pat Fenlon, executive director of Electric Ireland, said: “We are acutely aware that many of our customers continue to feel pressure due to the international events of the past two years and the impact of the energy crisis.” .
“We offer the best value in the energy market and are committed to supporting our customers on their path to net zero by providing products and services that help reduce energy consumption and save money. I am determined.
He said that since the winter of 2020, Electric Ireland has committed more than €63 million to support customers, including €55 million that will be repaid outside of profit in 2022 and €5 million This includes the Electric Ireland Hardship Fund, which we will continue to support. These customers are having difficulty paying their utility bills again this winter. ”
Electric Ireland is the second of the state’s largest providers to announce price cuts in recent weeks, and the move is likely to put pressure on other providers to follow suit. SSE Airtricity announced in December that it would cut prices from early next month, marking the second time in three months that gas and electricity prices had been cut.
Under the new prices, electricity prices will fall by almost 13% and gasoline prices will initially be cut by 11.5%. The company’s current rates will remain unchanged. This reduction means that the average household will save around 210 euros a year on electricity bills and 150 euros a year on gas bills.
While the announced and upcoming price cuts from other providers will be welcomed by consumers, prices are still significantly higher than they were before the cost of living crisis began in 2021.