Electric Ireland has announced its third price reduction in the past 12 months for over 1.1 million residential customers.

The reductions will apply to both existing and new residential customers, taking effect from 01 November 2024.

Electric Ireland also confirmed it will not pass on increased network charges to its residential electricity customers, due to come into effect for all suppliers on 01 October. The Commission for Regulation of Utilities (CRU) recently announced that regulated network charges will increase by an average of €101 per annum for residential electricity customers.

Electric Ireland Smart Meter Plans unit rates will be reduced by 5%. This higher reduction is aimed at encouraging more customers to benefit from smart meter technology, which enables them to optimise their energy consumption. These customers will see an annual decrease of between €64 and €75 depending on which Smart Meter Plan they are on.

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All other Electric Ireland residential customers will see their electricity and gas unit rates reduce by 3%. These decreases mean that Electric Ireland's residential customers will save an average of €45 on their annual electricity bill, and an average of €40 on annual gas bills.

This is a combined annual reduction of €85 for Electric Ireland's dual fuel customers, based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU).

Pat Fenlon, Executive Director, Electric Ireland, said: "The announcement continues our commitment to deliver value to our customers, while also supporting the transition to a more sustainable energy future. Electric Ireland will NOT be increasing prices for our electricity customers, despite the increases in network charges as recently announced by the CRU which would have resulted in an increase of €101 per annum.

"We are pleased to announce that we will be reducing the electricity unit rates for all Electric Ireland customers by 3%, or 5% for customers on a Smart Meter Tariff Plan. We are also reducing our gas unit rates by 3%.

"Electric Ireland remains focused on empowering our customers with competitive pricing and innovative solutions to make the best choices possible for their energy needs, and ultimately to reduce energy consumption and save money."