The energy provider Energia has announced a drop in internal energy prices, reports RTE.
Subscribers to the company’s smart meter packages will see their unit rates reduced by 20%, which is equivalent to a reduction of 357 euros per year in the average annual bill.
Dual energy electricity and gas prices will also decrease by 20%, reports RTE.
This will mean an average saving of €682 per year according to the average annual bill.
Standard electricity prices will fall by 15%, which will mean a saving of 305 euros per year on the average annual bill.
Gas unit prices will be reduced by 20%, and the average annual bill is expected to decrease by 325 euros.
The discounts will come into effect from October 3, reports RTE.
Energia has 261,000 residential gas and electricity customers in the Republic of Ireland.
“The wholesale market has experienced significant volatility over the past two years and we have worked at all times to mitigate the challenges of these costs for our customers,” said Gary Ryan, Managing Director of Customer Solutions at Energia Group.
Pinergy said it was cutting its standard electricity prices by 9.5%, on Monday.
“This is obviously welcome news and yet another sign of some normality returning to the energy market. It’s likely all the other main suppliers will announce similar drops over the coming weeks,” said Daragh Cassidy, Head of Communications at Bonkers.ie, speaking about the Energia move, reports RTE.
“However even after today’s reduction, Energia’s prices remain very high and way higher than the EU average. Prices are falling, but they’re falling from really high levels to begin with,” reports RTE.
Eoin Clarke, Commercial Director of Switcher.ie also stated the news will be welcomed by consumers.
“These price drops come shortly after the arrival of the first new provider in the market for four years – Yuno Energy – with discounted unit rates of 38.04c per kilowatt hour,” he said, reports RTE.
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