Electric Ireland will begin lowering its electricity rates by an average of 10% for small and medium-sized businesses in the Republic of Ireland the following month.
These companies will get an average 15% reduction in gas prices.
The energy company said that it is highly challenging to predict the future course of residential electricity and gas prices, but it will continue to monitor rates.
These business clients of Electric Ireland were informed that the decrease is due to a drop in the price of wholesale electricity.
They claimed that actual changes would vary based on each company’s pricing structure and the amount of power and gas it consumes.
According to Michael McGrath, minister of finance, this action by Electric Ireland, when combined with the modifications made to the Interim Business Energy Assistance Programme, is good news for companies.
Although pricing is a commercial decision for energy firms, he expressed hope that in the very near future, positive market trends will result in price reductions for all consumers, including households.
He said it cannot come soon enough for under-pressure homes to receive wholesale reductions.
Wholesale energy prices were 19.5% less expensive in January than they were in the same month a year prior, according to data released by the Central Statistical Office last week.