Energia has become the first major gas and electricity supplier since 2020 to cut its prices.
The company is decreasing its standard unit rate of electricity by 15 per cent and its gas unit rate by 20 per cent.
Those with smart electricity meters will see a 20 per cent reduction in their rates, according to Energia.
Last October the supplier hiked its electricity prices by over 30 per cent and its gas prices by almost 50 per cent. In April 2022, the firm hiked its gas and electricity prices by almost 20 per cent.
Energia has around 160,000 electricity customers and 60,000 gas customers.
Speaking about the news, Daragh Cassidy from price comparison website bonkers.ie said: “This is obviously welcome news and yet another sign of some normality returning to the energy market. It’s likely all the other main suppliers will announce similar drops over the coming weeks.
“However even after today’s reduction, Energia’s prices remain very high and way higher than the EU average. Prices are falling, but they’re falling from really high levels to begin with.
“The energy market still remains volatile with gas and electricity prices on wholesale markets still at levels that are way above normal. And we're a long way from prices returning to the more normal levels we last saw in 2020.
Mr Cassidy said it will still be a very expensive winter for Irish households.
“It remains to be seen if we’ll see further price drops from Energia over the coming weeks given how high wholesale prices remain. But the peak of the energy crisis seems to have passed.”
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