Electric Ireland Announces Price Cuts From March
Electric Ireland has announced price reductions for around 1.1 million customers.
It's dropping its electricity rates by 8% and by 7% on gas for residential customers from the 1st of March.
It will be the the second price drop in four months, after cuts came into effect in November.
The latest price cuts will means Electric Ireland’s residential electricity customers will save an average of €152.78 and its residential gas customers will save an average of €111.29 on annual bills.
Electric Ireland Executive Director Pat Fenlon, says the company is "acutely aware of the pressure many customers continue to experience due to the impact of international events and the energy crisis over the last two years."
The two price decreases in November 2023 and March 2024 will result in a cumulative reduction of 17.2% in electricity prices and 18.2% in gas.
Daragh Cassidy from price-comparison website, Bonkers.ie, says today's price cut announcement was expected.
"We saw SSE Electricity drop its prices for the second time in a few months in December, and I said then it was likely all the main suppliers would follow suit and now that's what we're seeing. And I would expect the remaining suppliers like Bord Gáis Energy, Flogas, and Energia to alternate similar price drops over the coming days and weeks.
“But even after today’s reduction, Electric Ireland’s second in just a few months, its electricity prices remain around 85% above where they were in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices while its gas prices are still over double previous levels."
