Consumers are set to gain from new price cuts from energy provider Energia, and the entry of new player Panda into the electricity market.
And Panda Power, an offshoot of the bin collection company, has launched a new electricity service for households. It brings to six the number of residential electricity suppliers.
Panda claims its unit rate and standing charges will make it the cheapest supplier in the market.
The group is investing €40m in a phased launch, initially to its 150,000 bin collection customers.
The new offering will be available throughout the entire country.
It will cost a typical family €1,051 a year, according to calculations by price comparison site Switcher.ie. This is €160 a year cheaper than standard Electric Ireland rates.
Energia has dropped its electricity prices by 2pc for existing and new customers, with a 2.5pc reduction in gas prices.
The cuts amount to a reduction of €20 a year in the cost of electricity for an average household, and the same for gas.
The company has also brought out a new dual-fuel offer for new customers called Cheep, with a 20pc discount on standard electricity rates and 17pc on gas rates.