UTILITY COMPANY ENERGIA has announced reductions in home energy prices set to come into effect on 1 March this year, with electricity coming down by 7.5% and gas by 5%. 

Electricity customers will see an average reduction of €105 per year while gas customers can expect an average savings of €65 per year, based on average annual bills. 

This is the second reduction in prices the company has announced in the last 6 months, and it follows a recent price cut announcement by Bord Gáis. 

Energia said its smart meter electricity customers will have their bill cut by 7.5%, giving them an average annual saving of €105 per year, while smart meter dual fuel customers who will also have their bills cut by 7.5% for electricity and 5% on their gas unit rates, which will reduce their annual bill by €170 on average.

 Gary Ryan, managing director of customer solutions at Energia Group said this latest reduction, following one last October, reflected Energia’s “ongoing commitment to provide the best possible value and service for customers”.

He added that Energia will continue to work with St Vincent de Paul, MABS, and other charities to support customers “experiencing difficulty”. 

Energia last cut its prices in October of last year, when it reduced electricity prices by 15%, and gas prices by 20%. 

The cuts following record breaking hikes in fuel prices in 2022 from all of Ireland’s providers, as inflation in the wake of Russia’s invasion of Ukraine and the pandemic soared.