10% cut in domestic electricity prices and a 12% reduction in gas charges : Electric Ireland

Electric Ireland has announced a 10% reduction in household electricity prices and a 12% reduction in gas charges. The changes will take place from November 1 and will benefit the utility provider's 1.1 million customers. Cutting unit rates and standing charges will result in savings of €212.06 per year on the average annual electricity bill. The company's gas customers will see a reduction of €216.67 on their average annual bill.

The move by Electric Ireland follows weeks of political and consumer pressure on all energy suppliers to prevent wholesale costs from falling through price cuts. It is the first tariff reduction by Electric Ireland, the largest energy provider in the Irish market, since wholesale energy costs began to soar as a result of the Ukraine war.

Last year, Electric Ireland increased gas electricity prices three times, the last time in October, and the company raised prices twice in 2021. However, wholesale gas prices are 300% higher than they were in 2020, affecting consumer bills.

Energeia last week said it was cutting prices by about 20% in October. In late August, Pinergy announced that it had cut standard electricity prices by 9.5% from October 1, following a reduction in March. A recent newcomer to the market, Uno Energy, is expected to increase competition and therefore help lower prices.

Electric Ireland has announced plans to help customers struggling to pay their bills, including payment plans and a €5 million hardship fund. Although Prime Minister Leo Varadkar welcomed the price cuts, he said he did not believe the cuts would go far enough.