Electric Ireland announce electricity price decrease
Electric Ireland has announced an average 2% price decrease for its domestic electricity customers. The price cut will come into effect on the 17th November and will be applied to the suppliers current standard electricity unit rate, 0.1701 (excluding VAT), while standing charges will remain unchanged.
Electric Ireland confirmed that the result of the decrease for a typical household will be a saving of €25.27 (including VAT) per year - just over €2 per month.
With consumers in Ireland accustomed to energy price rises in recent years, Electric Ireland’s decision to introduce a price cut will come as a welcome boost for many. The supplier is the first in the market to officially announce an energy price decrease in 2014, a move which will benefit all of its 1.2 million domestic electricity customers. Customer savings Both single fuel electricity and dual fuel customers will benefit from the cut in price to electricity.
New customers switching to Electric Ireland’s discounted tariffs will also be able to take advantage of the average 2% decrease. According to the Energy Regulator (CER), the average Irish household uses 5,300 kW/h of electricity per year. The average household on Electric Ireland’s most expensive tariff - Standard Domestic Electricity, will spend €1,235 on electricity per year. With the new price decrease coming into effect next month, the average household bill for the same tariff will reduce to €1,210 per year. Prices include PSO Levy & 13.5% VAT.
Commenting on the announcement, Jim Dollard, Executive Director Electric Ireland said; “We are happy to be able reduce prices for our residential electricity customers as we approach winter. “We are committed to offering the best value products in a very competitive market place and I believe today’s announcement will be good news for our 1.2 million residential customers.” Competition in the energy market in general has intensified in recent months, with suppliers introducing a range of new discounts and improved bonus offers to entice new customers.
It remains to be seen if this positive move from Electric Ireland will encourage other energy suppliers to reduce their unit rates as well in the coming weeks.