Bord Gáis Energy has announced a price freeze ahead of winter.

The firm will freeze its residential gas and electricity prices for over 625,000 consumers.

Managing Director, Dave Kirwin, said: "As the country faces its most challenging winter in a lifetime, Bord Gáis Energy will freeze its residential gas and electricity prices despite the increased network and system costs announced recently by the CRU. We will absorb these additional costs, which are outside of our control, and are guaranteeing no price increases for residential customers until at least March 2021.

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"As the helpful energy company, we've always committed to pass on savings where we can. This has been demonstrated by two price reductions for dual fuel customers in the last 12 months. In October 2019, we were the only energy provider to reduce prices before the winter period and we also reduced prices in May of this year. Combined, these two price reductions saved dual fuel customers an average of €97.53 per annum.

"Network and system costs now account for approximately 40% of a customer’s energy bill. We know this is a tough time for customers and that's why we have committed to absorb these additional costs ahead of the winter period.

"We're focused on providing innovative services, offering value and providing unmissable rewards for existing customers. We offer the best in market price plan for our long-term customers. Since the COVID pandemic arrived in Ireland earlier this year, Bord Gáis Energy has implemented a range of measures to help customers, and today’s announcement is one more step in supporting our customers."