PINERGY AND PREPPAY Power have both announced further electricity price reductions today, while Prepay Power will also cut gas prices.

This latest decrease by Pinergy will result in an 8.4% saving for the typical household, which is equivalent to €183.12 annually based on typical consumption.

The new prices will come into effect on 1 April.

It’s the company’s third decrease in just over a year, following previous significant increases.

Speaking about the cut, Pinergy CEO Enda Gunnell said that “inflated and often volatile electricity markets mean the energy crisis is not going away”.

“We need to see more of these incentives being introduced to accelerate the transition to cheaper, renewable energy.”

Separately, Prepay Power customers can expect to see the average annual gas and electricity bills reduced by 6.7% from 1 April.

The average customer could make a saving of €136 in the year on electricity, while the average gas bill will reduce by €111.

It’s the company’s second price reduction recently, after a series of price hikes in 2022.

In November, Prepay Power reduced gas unit rates by 13.5% decrease and cut electricity by 12.8%.