ENERGIA has become the sixth energy provider to cut its prices.
It will reduce gas prices by 12pc and electricity prices by 3pc for customers, effective from June.
Gas customers will save €94 per year and electricity customers will save €28 per year, the company says.
Energia said the reductions will be applied to the gas and electricity prices paid by Energia customers, and will be in addition to any existing discounts that customers can benefit from.
The reductions apply to all existing and new Energia customers and will be automatically applied to all customers post June 1 on their next full bill, the energy provider said.
Head of marketing at Energia Geoff Codd said dual-fuel users will save up to €122 annually.
One of the big players, Energia supplies a quarter of the island of Ireland’s total electricity requirements and 21pc of the island’s total wind power, he said.
So far Electric Ireland, Bord Gáis and PrePayPower.ie, Pinergy and SSE Airtricity have cut prices.
There are 12 energy suppliers in the residential market.
But energy experts have expressed disappointment at the size of the electricity cuts, as wholesale gas and electricity prices have dropped by much larger amounts than those being passed on to households.
There is also concern that the reductions for consumers are not being implemented until May onwards, when household use of energy is set to fall dramatically.
At the moment the fact that so many people are out of work or working from home has meant electricity and gas bills have shot up.
Energy consumption in homes was up 11pc in the second two weeks of March, compared with the first, according to a survey by Pinergy and Savills.
Daragh Cassidy of price comparison site Bonkers.ie said the announcement from Energia was long overdue, coming on the back of price reductions earlier in the year from rivals Electric Ireland, SSE Airtricity and Bord Gáis Energy.
“And while any savings for hard-pressed households are to be welcomed in today’s uncertain times, the question as to why larger savings aren't being passed on to consumers still arises.”
He said energy prices are down hugely on wholesale markets over the past 12 to 15 months, by up to 50pc in some cases.