Energy suppliers set to cut electricity, gas charges
A number of energy suppliers are set to cut charges for electricity and gas from today.
Nearly two million customers will benefit from cuts in unit prices and standing charges.
The reductions come ahead of the application of the first Government electricity credit in December.
More than 1.1 million Electric Ireland customers will see the cost of their electricity drop by 10% and gas by 12%.
Standing charges will also reduce, which will result in saving of €212 each year on electricity and €216 on gas.
SSE Airtricity is also cutting prices for hundreds of thousands of domestic customers, by 12% for electricity, and 10% for gas.
Meanwhile, PrepayPowers’ 180,000 domestic customers will benefit from decreases of 12.8% and 13.5% on electricity and gas charges, respectively.
Other major suppliers will also move on prices in the coming days.
Flogas will cut its domestic electricity and gas prices on 6 November by 30%, leading to savings of €900 for its electricity customers and €780 for gas customers.
Bord Gáis Energy will cut rates to its 600,000 customers on 9 November.
Both electricity and gas charges will drop by 15.5% from that day, giving annual savings of €274 to gas customers and €357 to electricity customers.
These latest price cuts come after some other energy companies including Energia and Pinenergy already cut their rates.
However, the price cuts come after a period of steep domestic energy cost increases and remain higher than they were 18 months ago.
All the major companies increased prices as wholesale energy prices rose, especially after the Russian invasion of Ukraine in February 2022.
However, there has been much criticism of companies more recently, as wholesale energy prices fell dramatically, with no apparent impact on domestic energy prices.
This was demonstrated most recently, when figures from the CSO showed that wholesale energy prices fell 61% in the year to September.
Meanwhile, from the beginning of December, domestic electricity customers will also benefit from the first of three Government energy credits, worth €150 each.
The first credit will be applied automatically to accounts next month and the other credits will be applied in January and March 2024.