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Electric Ireland announce electricity price cut of 6%

Electric Ireland is the only major provider to cut electricity prices three times since 2014

Electric Ireland lower electricity prices

Today, Electric Ireland announced a price drop to its standard electricity unit rate of 6 percent, which the supplier say will decrease bills for its 1.2 million residential electricity customers by €57.75 per year on average. The price cut comes into effect 1st June.

Electric Ireland is the only energy supplier to cut electricity prices three times since 2014. The company’s average electricity bill size will reduce to €1,124 per year, a reduction of €107 since November 2014.   

‘Pressure on energy suppliers to cut prices’

Commenting on the news, Eoin Clarke, Managing Director of independent price comparison website Switcher.ie , says: “By being the first large energy supplier to make three cuts to standard electricity prices, Electric Ireland is again leading by example. It is a positive move by Electric Ireland. In the last two years the company has reduced its average electricity bill by €107 per year.

“But while these reductions are welcome, today’s announcement should put pressure on other suppliers to follow suit. We would call on other energy suppliers to follow in Electric Ireland’s footsteps and pass on savings of at least 6 per cent to consumers.

“Only 15 per cent of Irish consumers switched energy supplier last year. This means a huge proportion of customers are missing out on potential savings - there is currently a €376 a year difference between the average standard plan and the cheapest deal on the market.”

‘Commitment to customers’

Commenting on the announcement, Jim Dollard, Executive Director of Electric Ireland , said, “This is Electric Ireland’s third electricity price decrease in less than two years.  We are committed to continually offering the best value products to our customers in a very competitive energy marketplace. Today’s announcement is good news for Electric Ireland’s  1.2 million residential electricity customers -  it means the average annual residential bill for our customers will have reduced by more than €100 over the last 19 months.”

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