LAST UPDATE | 7 Sep 2023

ELECTRIC IRELAND IS to reduce residential electricity and gas prices by 10% and 12% respectively for over 1.1 million customers, effective from 1 November.

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. Electric Ireland said this is based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU). 

Electric Ireland said its 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.

Electric Ireland raised prices three times last year, with the most recent being in October when residential electricity bills were increased by 26.7% and gas bills by 37.5%.

“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,” Electric Ireland executive director Pat Fenlon said. 

“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,” he said. 

In February, Electric Ireland confirmed that an average decrease of 10% would take effect on electricity bills for small and medium enterprises, while gas bills will see a decrease of 15%. 

However, no similar cut were confirmed for its household customers at the time.

Energia confirmed last Friday that it will cut its home energy prices for customers in October. 

People on the company’s Smart meter plans will get rates cut by 20%, which is the equivalent to a €357 reduction a year. Dual fuel electricity and gas rates will also fall by 20%.

This will make an average saving of €682 a year based on the average annual bill.

Their standard electricity rates will drop by 15%, leading to a saving of €305 annually based on the average annual bill.

Gas unit rates are to be cut by 20%, with the average annual bill set to decrease by €325.

Taoiseach Leo Varadkar confirmed in July that energy supports for households and businesses will form part of the budget in October.

Speaking to reporters at Government Buildings, he said energy bills were not falling fast enough, despite the fall in inflation. 

He indicated there will be a mix of universal and targeted measures to help people with energy bills, adding that more money will also be targeted at retrofitting homes.