Spanish firm's energy deals to shake up market
Spanish electricity giant Iberdrola is to enter the retail energy market here in a move that is set to put pressure on existing players.
The company is to offer green power as it is one of the top renewable energy producers in Europe.
It is the 11th supplier to enter the Irish retail energy market.
It is also spending €100m to expand its windfarm operations on the island, where it already has six windfarms.
Iberdrola owns Scottish Power in Britain and has 100 million customers worldwide.
It is set to offer a choice of fixed rates and variable tariffs for electricity. The company plans to enter the gas market here by the end of the year.
Price comparison experts say it will be the second-cheapest in the market and will put pressure on other players because of its sheer size.
Iberdrola's Green 23 electricity offer will be 23pc cheaper than the standard tariff in the market. This means families will save €184 a year by moving off a standard tariff. They will have to agree to paperless billing, a one-year contract and a direct debit.
Green 23 will be one of the cheapest offers on the market, according to price comparison site Bonkers.ie.
The company's Green Fixed 2020 product will mean savings of €174 a year compared with standard tariffs. There is a one-year contract during which the price will not change. The energy being supplied is 100pc green electricity for both products.
Iberdrola is the first new entrant to this market in two years, when Canadian company Just Energy launched. However, that company is pulling out of this market, said Daragh Cassidy of Bonkers.ie.
He said Iberdrola's entry here should lead to downward pressure on prices.
Electricity prices in this market are the fourth-highest in the European Union.