More than 180,000 customers to benefit as PrepayPower cuts prices by up to 13.5%

The supplier said dual-fuel customers will save up to €435 annually, with new prices coming into effect on November 1st

The latest announcement follows moves from SSE Airtricity and Electric Ireland, who last week cut prices for gas and electricity by up to 12%.

PrepayPower has become the fifth energy company to reduce prices for Irish customers following recent cuts from a number of its competitors.

Coming into effect on November 1st, PrePayPower will decrease its unit rate for gas by 13.5%, with its unit rate for electricity being cut by 12.8%.

According to the energy provider, the reduction will translate to around €435 in annual savings for dual-fuel customers, with more than 180,000 Irish customers set to benefit from reduced

prices.

The latest announcement follows moves from SSE Airtricity and Electric Ireland, who last week cut prices for gas and electricity by up to 12%.

PrepayPower is the country's largest pay-as-you-go provider, with its latest reductions making them the fifth Irish supplier to cut prices following initial moves from Pinergy and Energia earlier in the year.

Recent price cuts 'not enough'

The move puts further pressure on remaining energy suppliers who have yet to cut prices to follow suit, with Taoiseach, Leo Varadkar meeting with four major energy companies on Tuesday to send a "very clear message" on further price reductions.

Speaking last week, Mr Varadkar said he didn't think price cuts so far were enough, adding, "I think we have got tough with them (energy providers), and that is exactly what the windfall tax is. It is an additional tax on the profits of energy companies that are making a lot of profits at the moment."

"So there are two things that are going to happen now over the course of the winter. People are going to see the companies bring their prices down. That is underway. And they are also going to see the Government doing some things in the Budget to help people with their energy costs."

Speaking today on the announcement, a spokesperson for PrepayPower said they were "delighted to announce these price reductions for customers today, adding that "Our customers will continue to benefit from standard rates that are amongst the lowest in the market, significantly cheaper than the standard rates from many bill-pay suppliers."

'Expensive winter'

Currently, wholesale gas prices remain around 300% higher than they were in 2020, with Head of Communications at Bonkers.ie, Daragh Cassidy noting that while prices are falling, they are falling from extremely high levels.

"So it’ll still be a very expensive winter to heat and light our homes," Mr Cassidy warned.

Also speaking last week, Finance Minister, Michael McGrath welcomed the reductions, telling the Irish Examiner that price cuts would be considered in relation to any support measures to be announced in the upcoming Budget.

"For us as a Government, we have to take account of where current prices are when framing the Budget, take account of inflation and decide the appropriate response by means of universal or targeted supports - and we have another four weeks to make that decision,” the minister concluded.