Cost of living Ireland: Four electricity companies cut prices as major energy savings confirmed.

Four electricity companies have cut their prices with major energy and gas savings confirmed.

SSE Airtricity has joined Electric Ireland, Energia and Pinergy in reducing their prices for Irish customers.

SSE Airtricity

SSE Airtricity has confirmed that they are reducing their electricity unit rates for its household customers by 12% from 1 November.

This decrease in price will see their electricity customers saving €233 each year.

The supplier’s gas customers will have their standard unit rates reduced by 10%, however, SSE Airtricity stated that there will be no reduction in its standing charge.

It is expected that their dual-fuel customers will save around €384.55 annually, with all domestic gas and electricity customers in the Republic of Ireland automatically getting the reduced rate later this year.

Electric Ireland

Electric Ireland has announced that it is cutting its prices for the first time in over three and a half years.

It will impact over 1.1 million of their electricity customers and 170,000 of their gas customers in Ireland.

Its electricity charges will be reduced by 10%, which will come into effect from 1 November.

Their standard charges will decrease by 12% at the same time.

The changes on the standard unit rates and standing charges will result in savings of around €212 a year on electricity bills and €216 on gas.

For those using Electric Ireland’s dual fuel option, customers will save €428.74 annually.

Energia

Energia customers are in for some major savings as the energy provider has announced that they are cutting their prices by up to 20%.

Their Smart meter plans will see unit rates cut by 20%, which equals around a €357 reduction in the average bill each year.

Dual fuel electricity and gas rates will also drop by 20%, with average savings expected to be around €682 a year.

Standard electricity rates will be reduced by 15%, with savings of €305 a year and gas unit rates are to be cut by 20%, with average savings of €325 annually.

These price decreases will come into effect from 3 October.

Pinergy

Pinergy was one of the first energy suppliers to announce price cuts, with them reducing their rates for the second time this year.

From 1 October, customers will see a 9.5% drop in their charges, which will result in a €220 drop in their annual bills.

On the same date, Pinergy's 24-hour standard rate will be reduced to 37.97 cent per kWh, and its standing charge will be 71.25 cent per day, or 78.87 cent per day in rural areas.