Electric Ireland cuts prices again: How much will you save?

Electricity and gas prices will fall by 8% and 7% from March 1 respectively.

Electric Ireland has become the latest major energy supplier to announce price cuts for their customers.

Electricity and gas prices will fall by 8% and 7% from March 1 respectively.

It will mean a saving of €12.73 per month on the average electric bill and €9.27 per month on the average gas bill for their 1.1m customers.

It is the second time Electric Ireland has cut prices in the last four months after a drop in November.

Electric Ireland says the combination of the two price cuts will deliver an annual saving of €364.84 and €327.97 on the average electricity and gas bills respectively.

Commenting on the price reduction, Electric Ireland's executive director Pat Fenlon said:   "We are pleased to announce a further reduction in energy prices for our customers today. 

"We are acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years. 

“We are determined to offer the best value in the energy market and help our customers on the journey towards Net Zero by providing products and services that help them reduce their energy consumption and save money."

Responding, Darragh Cassidy, head of communications at the consumer website, Bonkers.ie, said: "This is obviously welcome news and yet another sign of normality returning to the energy market. It comes on the back of a recent price drop from SSE Airtricity just before Christmas and it’s likely all the other main suppliers will announce similar cuts over the coming weeks, if not days.

“It’s also welcome that Electric Ireland has cut its standing charges again. These were increased hugely by all suppliers during the crisis. No one can avoid them, no matter how little energy they use, so it’s good to see Electric Ireland begin to reverse some of the previous hikes.

"But even after today’s reduction, Electric Ireland’s second in just a few months, its electricity prices remain around 85% above where they were in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices while its gas prices are still over double previous levels.

“Yes, prices are falling, but they’re falling from really high levels. So it’ll still be a very expensive winter to heat and light our homes. And of course, this price cut doesn’t come into effect until March 1st.

“Looking forward, the good news is that wholesale gas and electricity prices continue to fall.

"They’re still at very high levels but if the trend continues, barring another economic shock of some sort, it's very likely we’ll see a third price decrease from Electric Ireland of around 10% to 15% in the second half of the year I think."