Electric Ireland has announced its third price cut in under a year.
The reduction will come into effect for over one million customers in November.
It will result in savings of between €40 and €85 a year for households.
Daragh Cassidy from bonkers-dot-ie says it's a welcome move.
"Electricity prices are going down 3%. Theyrgas prices are also going down 3% from the 1st of November.
"However, if you are on a smart meter tariff, you will see a slightly bigger reduction in your electricity of 5%.
"This is to try and encourage people to move over to smart meters and go on to smart tariffs."
Electric Ireland Price Cuts
Ireland’s largest energy supplier, Electric Ireland, has today (5th September 2024) announced its third price reduction within the last 12 months for over 1.1 million residential customers.
The price reductions will be applied to all existing and new residential customers and will come into effect from 1st November 2024.
Electric Ireland also confirms it will NOT pass on increased network charges to its residential electricity customers, due to come into effect for all suppliers on 1st October.
The Commission for Regulation of Utilities (CRU) recently announced that regulated network charges will increase by an average of €101 per annum for residential electricity customers.
Electric Ireland Smart Meter Plans unit rates will be reduced by 5%.
This higher reduction is aimed at encouraging more customers to benefit from smart meter technology, which enables them to optimise their energy consumption.
These customers will see an annual decrease of between €64 and €75 depending on which Smart Meter Plan they are on.
All other Electric Ireland residential customers will see their electricity and gas unit rates reduce by 3%.
These decreases mean that Electric Ireland’s residential customers will save an average of €45 on their annual electricity bill, and an average of €40 on annual gas bills.
This is a combined annual reduction of €85 for Electric Ireland’s dual fuel customers, based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU).
Commenting on the latest price reduction, Pat Fenlon, Executive Director, Electric Ireland, said:
“Today's announcement continues our commitment to deliver value to our customers, while also supporting the transition to a more sustainable energy future. Electric Ireland will NOT be increasing prices for our electricity customers, despite the increases in network charges as recently announced by the CRU which would have resulted in an increase of €101 per annum.
We are pleased to announce that we will be reducing the electricity unit rates for all Electric Ireland customers by 3%, or 5% for customers on a Smart Meter Tariff Plan. We are also reducing our gas unit rates by 3%.
Electric Ireland remains focused on empowering our customers with competitive pricing and innovative solutions to make the best choices possible for their energy needs, and ultimately to reduce energy consumption and save money.”
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