Electric Ireland to cut electricity and gas prices

Michael Bolton

Electric Ireland has announced its third price cut in under a year.

The reduction will come into effect for over one million customers in November.

Electricity prices will fall by up to five per cent and gas prices by three per cent. It will result in savings of between €40 and €85 a year for households.

Electric Ireland has also announced it's not going to pass on planned increases which are due for all electricity suppliers next month.

The Commission for the Regulation of Utilities recently approved a yearly rise of 100 euro in household electricity bills to improve and develop the grid.

However, Electric Ireland says it's not going to pass that on to homes - which puts pressure on other companies to follow suit.

People will not have to do anything and the discounted rates will automatically apply to accounts from the end of next month.

Electric Ireland said it was offering a higher rate reduction of 5 per cent to customers on smart meter tariffs to encourage more people to take advantage of the technology.

Electric Ireland last decreased its prices in March when it cut its electricity prices by eight per cent and its gas prices by seven per cent.

It also has around 170,000 gas customers.