Pinergy is the first power provider in Ireland to declare a price cut.
Standard home electricity prices will decrease beginning on March 31, according to the corporation.
The adjustments will result in a 7.1% decrease in typical household costs, or €183 annually (including VAT) based on normal usage.
The 24-hour standard rate (without VAT) will decrease to 42.77c per kilowatt hour (kWh) under the new rates, while the standard prices for the day and the night will decrease to 43.92c and 31.17c per kWh, respectively.
Moreover, standing fees will decrease to 71.23 cents per day, or 78.87 cents for clients in rural areas.
Enda Gunnell, chief executive officer of Pinergy, stated,”We had previously committed to reducing electricity prices when circumstances and market conditions allowed.”
“With recent reductions in the wholesale costs of electricity, we are now pleased to be able to announce this price decrease.
“However, the outlook on global wholesale markets continues to show inflated & volatile pricing over the medium term. The Energy Crisis has not gone away, and market reforms of the Energy sector are still urgently required,” he added.