SSE Airtricity customers save €57 as firm cuts energy prices
Another energy supplier has cut its prices for new and existing customers. SSE Airtricity will reduce electricity prices by 5pc in August and the same for gas.
The electricity cut will mean savings of €57 a year. Gas bills will come down by €44, with those who take both fuels from SSE saving €100 over a year.
The cut was announced on the day that Electric Ireland's 1.3 million customers saw their electricity bills fall by 6pc, knocking €57 off their bills.
SSE Airtricity has around 400,000 customers.
Along with the cut, SSE Airtricity also unveiled what it called an 8pc reward discount that can save all existing dual-fuel customers 4pc, which works out at an additional €67.
The discount is available to customers who opt in for either a one-year or two-year contract and lasts for the duration of the chosen contract.
Pay-as-you-go meter providers PrePayPower and Pinenergy have reduced their unit price for electricity from the start of this month.
The latest move will put pressure on Bord Gáis, Energia and Panda Power to reduce their prices.
Wholesale gas prices, the main input for the production of domestic electricity and gas, are at a five-year low and down 37pc in the past year.
Simon Moynihan, the energy expert at price-comparison site Bonkers.ie, said SSE Airtricity's electricity price cut mirrored that of Electric Ireland, but that the company had gone one step further and cut gas prices.
He added: "SSE Airtricity has also shown that there is capacity for substantial price cuts from all Irish suppliers and we hope to see other suppliers follow suit."
Eoin Clarke from price-comparison site Switcher.ie said that aside from any cuts to rates from energy suppliers, the most significant savings consumers could make was by switching supplier.
He explained: "Last year, only 14pc of us switched electricity supplier and 16pc switched gas supplier.
"There is currently a €318 difference between the standard tariff and the cheapest deal on the market.
"Switching only takes around five minutes and can save you hundreds of euro a year."