The company has also announced that it is freezing gas prices this winter to help residential gas customers during the higher usage months. This will maintain the 11.5% decrease announced in April 2020 for its gas customers.
Marguerite Sayers, Executive Director, Electric Ireland commented: "At Electric Ireland, we always try to offer our customers a very competitive rate by keeping our standard rate as low as possible. In April, we reduced energy bills for gas and electricity customers by circa €100 annually because fuel costs were falling at that time. Unfortunately, due to other electricity system and market costs outside of our control, we now have to increase our electricity prices from October 1st. This will mean an increase of €2.88 per month on the average residential electricity bill.
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"On a positive note however, we are freezing gas prices through the winter period as we have done in previous years. Gas prices were already reduced by 11.5 per cent in April, which means a continued reduction of €78 on an average annual gas bill. We also have one of the lowest standard rates in the market for electricity and gas which we automatically apply for all our customers. In addition, we remain the only Irish supplier to offer an enduring discount rate of up to 8.5% for gas and electricity, a discount that does not disappear after a year. This protects customers from price shock at the end of a contract period and benefits large numbers of loyal Electric Ireland customers, rather than just offering discounts to new customers which is a typical approach in the market."
