Electric Ireland Announces Additional Price Reductions to benefit over 1.1 million Residential Electricity and Gas Customers this Winter
- Residential electricity unit rate and standing charge will reduce by 8%, resulting in €152.78 savings per annum on the average electricity bill.
- Residential gas unit rate and standing charge will reduce by 7%, resulting in €111.29 savings per annum on the average gas bill.
- This is a combined annual reduction of €264.07 for Electric Ireland’s dual fuel customers.
- Electric Ireland’s resultant Estimated Annual Bill (EAB) will be lower than any other Standard Variable Electricity Tariff EAB currently available or announced for the market.
Ireland’s largest energy supplier, Electric Ireland, has today (15th January 2024) announced its second price reduction for over 1.1 million residential electricity and gas customers this winter. It will reduce residential electricity and gas prices by 8% and 7% respectively effective from 1st March 2024. The decreases, in both the unit rate and standing charge, equate to a saving of €12.73 per month on the average electricity bill and €9.27 per month on the average gas bill, based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU).
This means that Electric Ireland’s residential electricity customers will save an average of €152.78 and its residential gas customers will save an average of €111.29 on annual bills. This is a combined annual reduction of €264.07 for Electric Ireland’s dual fuel customers. Electric Ireland’s resultant Estimated Annual Bill (EAB) will be lower than any other Standard Variable Electricity Tariff EAB currently available or announced for the market.
The two price decreases in November 2023 and March 2024 will result in a cumulative reduction of 17.2% in electricity prices and 18.2% in gas, delivering an annual saving of €364.84 and €327.97 on the average electricity and gas bills respectively.
Commenting on the price reduction, Pat Fenlon, Executive Director, Electric Ireland, said:
“We are pleased to announce a further reduction in energy prices for our customers today. We are acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years. Following a reduction of 10% in electricity and 12% in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2% in electricity and 18.2% in gas prices within a 4-month period. This will mean a saving of circa €692.81 per annum.
“We are determined to offer the best value in the energy market and help our customers on the journey towards Net Zero by providing products and services which help them reduce their energy consumption and save money. Further information is available on Electric Ireland's Net Zero Hub.”
Since winter 2020, Electric Ireland has committed over €63 million to support customers. This includes €55 million given back to customers by foregoing profits in 2022, as well as a €5 million ‘Electric Ireland Hardship Fund’, which will continue to help those customers having difficulties paying their energy bills again this winter.
Electric Ireland offers a range of solutions to help customers with financial challenges including flexible payment plans, payment holidays, Pay As You Go (PAYG) meters, Smart Meter Plans, energy use insights and energy saving tips and advice. Visit Electric Ireland's Customer Support Hub to learn more. Customers can also manage their electricity account through the Electric Ireland app.
New Rates effective for 1 March 2024
