Good news for homeowners as Electric Ireland announce upcoming cuts to electric and gas prices

State-owned energy company Electric Ireland have announced that they are to cut prices for domestic electricity and gas again from November 1st.

The country's largest energy supplier, which provides electricity for 1.1 million customers, said most electricity customers would see their unit rates fall by 3 per cent, although those using smart meters will benefit from a 5 per cent reduction.

This will save households €45 a year on their electricity bills and €40 a year on their gas costs. 

However, those using smart meters will see an annual reduction of €64-75, depending on which smart plan they are on.

The new standard electricity rate will be 34.8c per per kilowatt hour (kWh), including VAT.

The ESB-owned provider said it will also absorb the hike in electricity network charges approved recently by the energy regulator.

The levy rise is expected to cost €101, but Electric Ireland said it will not pass it on to its customers.

Commenting on the latest price reduction, Pat Fenlon, Executive Director, Electric Ireland, said today's announcement "continues our commitment to deliver value to our customers, while also supporting the transition to a more sustainable energy future".

"Electric Ireland remains focused on empowering our customers with competitive pricing and innovative solutions to make the best choices possible for their energy needs, and ultimately to reduce energy consumption and save money.”

Electric Ireland’s three price decreases in November 2023, March 2024 and November 2024 will result in a cumulative reduction of 19.3 per cent in electricity prices and 20.4 per cent in gas, delivering an annual saving of €376 and €337 on the average electricity and gas bills respectively.

This is a combined annual reduction of €713 for Electric Ireland’s dual fuel customers in the past 12-month period.

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