FLOGAS ENERGY has announced a significant reduction of unit rates and standard charges for both natural gas and electricity. 

The move will see the average electricity bill with the company slashed by €895 per annum, while natural gas customers will see their bill cut by €778. 

This means the average electricity bill will be reduced by €74.58 each month.

These changes will be in effect from 6 November. 

The company has said that it is committed to “passing through market reductions  to customers”. 

The reductions will apply to all variable rate customers, including smart variable rate customers. 

Last October Flogas Energy increased electricity bills by 20% and gas bills by 26% due to “unprecedented increases in wholesale gas prices and the associated increases in wholesale electricity costs.”

That was the company’s third price hike of the year. In January of this year, Flogas announced that it would be freezing prices for ten months. 

In its 2022 financial statement, DCC, the parent company of Flogas Ireland, reported an operating profit of £458.4m. 

The company is the number two supplier of liquid petroleum gas in the country. 

Sean O’Loughlin, the General Manager of Flogas, said: “As winter approaches, we are pleased to announce a reduction of 30% in our standard rate unit rates and standing charges for both gas and electricity.

“While wholesale energy markets remain unpredictable, we have seen a calming of volatility of late and this allows us to make these reductions.”

He added that the company is aware that many of its customers remain “vulnerable to continuing cost of living increases”. 

“Our customer service teams are ready to talk with any customer who is having difficulty in paying their energy bill or are looking for other options to help save money,” O Loughlin said.