In a move set to provide much-needed relief to households, Electric Ireland has unveiled plans to reduce energy prices for its customers starting in November. This marks the first price reduction in over three and a half years for the energy giant, following similar cuts by competitors Energia and Pinergy.
Effective November 1st, Electric Ireland will decrease its standard unit rate of electricity by 10% and its standard gas rate by 12%. Additionally, the standing charges for both electricity and gas will see corresponding drops. Cumulatively, these reductions could translate to substantial savings, with the average household potentially saving approximately €212 annually on electricity and €216 on gas bills.
This welcome development comes on the heels of significant price hikes imposed by Electric Ireland in previous years, including an almost 40% increase in electricity prices and nearly 50% in gas prices in the prior October. In August 2022, they also raised electricity prices by over 11% and gas prices by more than 30%.
As the largest electricity supplier in the country, with over 1.1 million customers and approximately 170,000 gas customers, Electric Ireland’s price cuts will likely have a widespread impact, offering some respite to consumers grappling with rising energy costs.