Electric Ireland will reduce the price of household electricity and gas in Ireland from November

Electric Ireland will reduce the price of household electricity and gas from November. 

While most electricity consumers will see their unit rates drop by 3%, smart meter users will benefit from a 5% reduction. Smart meter users will see an annual reduction of between €64 and €75 depending on which smart plan they are on. All gas unit rates will be reduced by 3%. Savings of an average annual electricity bill of €45 and an average annual gas bill of €40.

The changes will come into effect on November 1 and will benefit 1.1 million Electric Ireland customers. Electric Ireland's standing charge remains unchanged. This is Electric Ireland's third cut in 12 months.

But the company said it had decided to take on board the planned increase in regulated network charges announced by the regulator last week. Those network tariffs are charged to suppliers, who have a discretion as to whether or not to pass them on to customers, which Electric Ireland does not pass on.

In January, it announced that electricity rates will be cut by 8 percent and gas prices by 7 percent from March 1. At this time last year, in November, it said it would cut electricity charges by 10% and gas rates by 12%.