Third energy supplier slashes prices but will we still get €200 off in Budget 2024?

Another major energy supplier in the Irish market has announced a reduction in its electricity and gas prices as speculation rises that at least one energy credit will be included in the upcoming budget. 

Leading energy supplier SSE Airtricity has today announced a decrease in its standard household electricity and gas prices, effective from 1 November 2023.

The announcement will see a 12% decrease in the standard unit rate for electricity and a 10% decrease in the standard unit rate for gas. The price reductions will see a typical dual fuel customer save €384.55 (including VAT) per year. All domestic Republic of Ireland gas and electricity customers will automatically have the reduced rate applied to their bills.

It follows on from recent announcements of reductions by Energia and Electric Ireland in recent days. A new energy supplier, Yuno has also entered the Irish market, claiming to offer Ireland's cheapest electricity rates. 

Meanwhile, there are indications that there will be at least one energy credit for hard-pressed households in the Budget 2024. 

Last year, three energy credits totaling €600 over the winter months were applied to household electricity bills.

Government sources have been quoted as being in favour of at least one credit of €200, which they believe is the easiest system for households. 

Following its announcement of a reduction, SSE Airtricity says it will continue to extend its product offering to meet the differing needs for its customers. In the coming weeks, the company will introduce a new fixed tariff product that will provide price value and certainty for customers who wish to avail of it.

SSE Airtricity said it has a longstanding and continued commitment to working with and supporting its customers. Throughout the recent cost of living crisis, the company has worked with governments and communities to support those most in need. Last year SSE Airtricity became the first supplier to announce it would forego profits in favour of supporting customers through the cost-of-living crisis. The provider also established the largest customer support fund in the market, valued at €25m, which included charitable donations of €1m to SVP and the development of warm referrals programmes with MABS and ALONE.

Klair Neenan, Managing Director of SSE Airtricity, said: “We hope today’s announcement will be welcome news for households as we approach winter. We're acutely aware of the pressure people have been experiencing with the cost-of-living crisis and we recognise that this continues to be a difficult time for many. We recognise that volatility has impacted customers over the past number of years, and we want to provide price certainty for customers who want to manage their energy costs. SSE Airtricity is working on solutions that deliver on this promise in the coming weeks.

“We’ve worked hard over the last 18 months to shield our customers from the impact of record wholesale costs through our approach to buying energy.

“As always, we are here to help, and we encourage any customer experiencing difficulty with their bills to contact us in confidence – we will work with them to find a solution”.

“The recent global energy crisis highlights more than ever the importance of reducing energy consumption over the long term through measures such as energy efficiency upgrades, smart tariff options that suit your lifestyle needs, home insulation and solar panels. SSE Airtricity works with customers to identify suitable options for homes, offers a streamlined grant application process and provides advice on the SEAI grants available,” he added.