By Irishexaminer.com,Steven Heaney

Copyright irishexaminer

The company, Ireland’s largest energy supplier, said the cut marks its fourth consecutive reduction for residential gas customers since November 2023, delivering a cumulative 23.6% drop and €390 in savings (excluding VAT and carbon tax).

It also confirmed that residential electricity unit rates and standing charges will stay the same.

Since November 2023, Electric Ireland has lowered residential electricity unit rates three times, cutting bills by up to 19.34% and €376 annually (excluding VAT and PSO levy).

“We are acutely conscious of the financial pressures facing our customers and we believe today’s announcement will provide improved value for Electric Ireland customers as we face into the winter,” said Electric Ireland’s executive director, Pat Fenlon.

“Electric Ireland is committed to supporting customers, and this is the fourth consecutive decrease for our residential gas. These customers have experienced combined reductions of 23.6%, and Electric Ireland residential electricity customers have seen a cumulative decrease of up to 19.34% across three decreases in the same period.”

The ESB-owned firm says it now offers the lowest Electricity Standard Variable Tariff (SVT) on the market.

The announcement comes as consumers brace for higher energy costs. On Tuesday, Energia said it will raise electricity prices by 10.9% and smart meter electricity prices by 12.1% from next month, adding up to €205 annually to average household bills.

Energia said the increases reflect “regulatory-approved non-energy charges” to recover the costs of security of supply, network upgrades, and grid investment.

Speaking on Wednesday, Darragh Cassidy, head of communications at Bonkers, described Electric Ireland’s move as “good news but a bit of a surprise.”

“While other suppliers have passed on the increase in electricity network charges, Electric Ireland has chosen to absorb them for now,” he said.

However, he warned that “prices still remain high,” noting that some of the gas savings will be offset when the Government raises carbon tax in the Budget next month.

Mr Cassidy said the mixed picture, with some suppliers hiking prices and others cutting or holding them steady, showed there is still “competition and choice in the market.”

He urged households to consider switching suppliers: “Discounts of up to 30% or more are available for an entire year to people who switch, which could save the average household well over €700 on their gas and electricity bills.

“Those on a smart tariff should also see if they can move some of their electricity consumption to times of the day when it’s less expensive,” he said.

With no further energy credits expected in the upcoming Budget, Mr Cassidy said, “it’s never been more important for households to be on the cheapest energy deal possible”.