Electric Ireland is to reduce its residential electricity and gas prices by 8% and 7% respectively from March 1.
The largest energy provider in the Irish market said the reduction in both the unit rate and standing charge would affect more than 1.1 million residential customers.
The reduction amounts to 12.73 euro per month on the average electricity bill and 9.27 euro per month on the average gas bill, based on the estimated annual bill (EAB) as defined by the utility regulator CRU.
Overall, the average yearly saving is worth 152.78 euro on electricity and 111.29 on gas, with a combined reduction of 264.07 euro for dual fuel customers.
Electric Ireland said its new EAB will be lower than any other standard variable electricity tariff EAB currently available or announced for the market.
It said that, combined with its two price decreases in November 2023 and March 2024, there will be a cumulative reduction of 17.2% in electricity prices and 18.2% in gas, cutting annual electricity bills by 364.84 euro and gas bills by 327.97 euro.
