Electricity and gas prices set to plunge

HOMEOWNERS are paying over €100 less for gas and electricity than they were a year ago, and prices are set to plunge further.

Price cuts over the year saw average annual gas prices drop from €910 in October 2008 to €795. Gas bills will fall further in February as an 8% cut takes effect, wiping €53 from the average bill.

Electricity prices are less favourable, with the average bill increasing from €736 in October last year to €795. However, the opening up of the electricity market has seen 250,000 people switch to Bord Gáis for their electricity since early 2009. It offers customers a 10% discount on ESB prices. Those choosing to pay by direct debit and are natural gas customers will get a total 14% discount.