The price reduction is the third such cut implemented by Electric Ireland this year, but energy prices are still 80 per cent above what they were in 2021
Electric Ireland has announced price reductions for residential electricity and gas customers that will save the average customer an average of €101 on their electricity bill.
In the announcement on Thursday, Electric Ireland said Smart Meter Plans unit rates will be reduced by 5 per cent, aimed at encouraging more customers to benefit from smart meter technology, which enables them to optimise their energy consumption. These customers will see an annual decrease of between €64 and €75 depending on which Smart Meter Plan they are on.
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 will not be increasing prices for our electricity customers, despite the increases in network charges as recently announced by the CRU which would have resulted in an increase of €101 per annum.
Analysing the price cuts announced on Thursday, consumer expert Daragh Cassidy of price comparison website bonkers.ie described the size of the price cut as “very small” and added that, due to the situation with wholesale gas and energy prices, it’s “tough to see prices for households falling much further in the short to medium term at least”.
"Electric Ireland, like all energy suppliers, has to pay these fees. So the small reductions need to be seen in that context. Had the grid fee increase not been sanctioned we’d likely have been looking at a bigger price drop from Electric Ireland today.
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