Electricity dial meter with reading and 50 and 100 euro notes in front

Electric Ireland announces another electricity price cut

Electric Ireland has cut its electricity prices in time for the winter months, the second supplier to do so

From November 16, Electric Ireland have announced that their customers’ electricity bills will be cut by an average of 2%.

This reduction means the average residential electricity customer will save €24.11 a year.   

The price drop affects 1.2 million Electric Ireland customers and the supplier said today that it is committed to offering the best value products in a competitive marketplace.  

Price cuts

In November 2014, Electric Ireland cut its electricity prices by 2%. Combined with this latest announcement, Electric Ireland says these cuts equate to a saving of €50 a year off consumers’ energy bills.

Earlier this month, Bord Gáis Energy cut electricity unit rates by 2% and gas unit rates by 2.5%. PrePayPower also cut its electricity unit rate by 0.5%.

Better deals are still to be had

Commenting on the news, Eoin Clarke, Managing Director of Switcher.ie said: “This is a positive move by Electric Ireland and should put pressure on other suppliers to follow suit.

“Although these price cuts are welcomed, the average Electric Ireland electricity standard tariff customer will see their annual bill cut by just 2%. Wholesale energy costs, which can make up around half of bills, are at their lowest level in five years and so price reductions can and should be greater.

Energy suppliers need to pass on greater savings to help consumers before winter arrives.

“Only 15% of Irish consumers switched energy supplier last year. A whopping 85% of customers continue to suffer expensive, standard variable tariffs. There is currently a €343 a year difference between the average standard plan and the cheapest deal on the market, so many consumers would benefit from creating their own price cut by switching supplier.”  

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