Environment Minister Eamon Ryan has predicted fuel prices for consumers will fall significantly early next year, reports RTE.
Mr Ryan said they will decline sharply in the first three to six months of 2024, which is good news for consumers.
“The fact that wholesale prices are so low and are trending further into the future tells me that’s likely in the first quarter, first half of the year,” he said, reports RTE.
SSE Airtricity has announced further price cuts for February, and other players will follow suit, Ryan said.
SSE Airtricity wants to reduce national electricity rates by a further 12.8% and national gas rates by 11.5%.
These cuts will reduce the annual bill of a typical electricity customer by €219.29 and a typical gas customer by €157.07. However, fixed fees will remain unchanged.
Changes to airtricity SSE rates will come into force from February 1, reports RTE.
The move follows the supplier’s earlier price cut of 12% in September.
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