Electric Ireland price cut could save €20 a year
Electric Ireland will cut gas prices for all its residential customers by 2.5pc from April 1, in a move it said would save the typical household €20 a year.
The energy provider cut electricity prices by 2pc in November. Electric Ireland executive director Jim Dollard said the company wants to offer "the best value ... in a very competitive market".
Energy companies have been locked in a furious price war for the past number of weeks.
At the end of January, Airtricity announced cuts to both gas and electricity prices from April, while in February Bord Gáis Energy offered electricity switchers a 10pc discount and €100 cash back if they fulfilled certain conditions.
Simon Moynihan from price comparison website Bonkers.ie said it would have been a surprise if Electric Ireland hadn't followed their electricity price cut with a gas price cut.
"There actually is a price war... the energy companies want to get more people mobile in the energy market," he said.
Mr Moynihan said some Irish energy companies were under pressure to cut prices because their parent companies were doing it elsewhere.
Energy Minister Alex White welcomed the cut and said that it was "hugely important that consumers shop around to ensure that they get the best price".