Bord Gáis Energy has announced further energy price reductions that will be automatically applied to its 600,000 residential customers.

The 10% reduction in electricity unit rates, 9.5% reduction in gas unit rates, and 8% reduction in standing charges means a residential dual fuel customer will save an estimated €331 per annum. Electricity only customers will save €190 per annum, and gas only customers will save €141 per annum. All new rates will come into effect from 29 February and these reductions mean that from that date Bord Gáis Energy customers will have the lowest standard variable dual fuel prices in Ireland.

The price reductions will be automatically applied to existing customers but will also available to those switching to Bord Gáis Energy. In further welcome news, reductions announced today are in addition to any existing discounts a customer may have.

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Dave Kirwan, Managing Director, Bord Gáis Energy, said: "This announcement marks our second reduction in just four months, and it means that Bord Gáis Energy will be #1 in the market for value. These reductions combined with the November price drop will result in dual fuel customers saving almost €1,000 per annum on their bills.

"With this announcement, from 29 February we'll be best-in-market on dual fuel, gas and standing charges on our standard variable tariffs demonstrating that we’re cutting deeper than our competitors. Despite some volatility remaining, wholesale energy prices have continued to stabilise, and our careful hedging strategy has meant we can pass on these savings.

"Whilst this announcement will be welcome news for all customers, Bord Gáis Energy recognise the last 24 months has been particularly difficult for those struggling to meet their bills. We have shown our commitment, through various initiatives, to ease the financial burden on customers throughout the energy crisis and we continue to do so. We urge any customer concerned about their energy bills to get in touch with us as soon as possible."