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Energy supplier Electric Ireland has announced a reduction to residential electricity and gas prices by 10% and 12% respectively for over 1.1 million customers, effective from 01 November 2023.
The decreases - in both the unit rate and standing charge - equate to a saving of €17.67 per month on the average electricity bill and €18.06 per month on the average gas bill, based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU).
This means that Electric Ireland's residential electricity customers will save an average of €212.06 and its residential gas customers will save an average of €216.67 on annual bills. This is a combined annual reduction of €428.74 for Electric Ireland’s dual fuel customers.
Pat Fenlon, Executive Director, Electric Ireland said: "We are pleased to announce that we will be reducing unit rates and standing charges by 10% for our electricity customers and 12% for our gas customers this winter.
"We know that the last two years have been particularly hard for our customers, given the impact of much higher energy prices following the Russian invasion of Ukraine. While unprecedented international wholesale prices have fallen in recent months, Electric Ireland’s customers were not exposed to the extremes of these prices as a result of hedging strategies. However, wholesale gas prices remain c.300% higher than they were in 2020 which is continuing to impact customer bills.”
"We continue to offer the best prices we can for households, and have consistently provided one of the lowest standard electricity rates in the market. We are now lowering the rate further in line with wholesale energy market reductions and this rate will be automatically available to all our loyal customers – not just new customers. Those customers who pay by direct debit and opt for e-billing can achieve further automatic discounts – an additional enduring discount rate of up to 8.5% for dual fuel and 5.5% for electricity customers. We also have flexible payment plans for those who are struggling to pay their energy bills and detailed up-to-date information on usage for smart metering customers."
