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Electric Ireland has announced that it will reduce residential electricity and gas prices by eight per cent and seven per cent from 1 March 2024.
The decreases in both the unit rate and standing charge that were announced today, 15 January, equate to a saving of €12.73 per month on the average electricity bill and €9.27 per month on the average gas bill, based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU).
Electric Ireland's residential electricity customers will save an average of €152.78 and its residential gas customers will save an average of €111.29 on annual bills. This is a combined annual reduction of €264.07 for Electric Ireland's dual fuel customers. Electric Ireland’s resultant Estimated Annual Bill (EAB) will be lower than any other Standard Variable Electricity Tariff EAB currently available or announced for the market.
The two price decreases in November 2023 and March 2024 will result in a cumulative reduction of 17.2 per cent in electricity prices and 18.2 per cent in gas, delivering an annual saving of €364.84 and €327.97 on the average electricity and gas bills respectively.
Pat Fenlon, Executive Director, Electric Ireland, said: "We are pleased to announce a further reduction in energy prices for our customers today. We are acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years. Following a reduction of 10% in electricity and 12% in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2% in electricity and 18.2% in gas prices within a 4-month period. This will mean a saving of circa €692.81 per annum.
"We are determined to offer the best value in the energy market and help our customers on the journey towards Net Zero by providing products and services which help them reduce their energy consumption and save money. Further information is available on Electric Ireland's Net Zero Hub."
