Sunday 23 October 2016

Electric Ireland cuts electricity prices ahead of winter season

Published 07/10/2015 | 15:29

Proposed new building
Proposed new building

A SECOND energy provider has cut its prices in time for the cold winter season.

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Electric Ireland is to reduce electricity prices for residential customers by an average of 2pc from Friday week, for a saving of €24 a year.

The move is set to benefit some 1.2 million residential electricity customers.

It follows competitor Bord Gáis Energy that implemented cuts in electricity and gas prices that took effect last week.

Bord Gáis customers saw electricity pries came down by 2pc at the start of this month, with gas prices falling by 2.5pc for householders.

The two companies were reacting to the fact that wholesale energy prices are at five-year lows.

All energy suppliers had been called on by consumer groups to cut their prices as they are benefiting from a collapse in wholesale prices and should pass this on to consumers, the groups said.

Executive director of Electric Ireland Jim Dollard said: “We are happy to be able to continue to reduce prices for our electricity customers again this winter.

“This reduction, combined with last year’s reduction, means the average residential bill will have reduced by almost €50.”

Irish wholesale gas prices are now 21pc lower in euro terms than the average monthly price recorded for September in each of the past three years.

Switching both electricity and gas can save households some €340 less than typical standard tariffs, price-comparison service said.

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