Electric Ireland has announced it will reduce its standard electricity prices for residential customers by an average of 2 per cent from next month.

The reduction, which comes into effect on November 16th, will benefit the average residential customer with a saving of €24.11 (including VAT) per year.

‘Shop around’

Minister for Energy Alex White welcomed the move and said customers should “shop around” to ensure they are getting the best deal possible.

“Electric Ireland’s welcome move on prices, which comes in advance of increased winter energy demand, will be welcomed by families and businesses,” he said.

“It is the second such move by a major energy supplier in recent weeks, which suggests that conditions are right for other companies to follow. This is good news and I would encourage all consumers to shop around to ensure that they get the best price available.

“Even if consumers don’t want to change supplier they can call their supplier and ensure they have the best package on offer.”

In September, Bord Gáis Energy announced plans to shave 2.5 per cent off its residential gas prices in a move which saw the average consumer make an annual saving of just over €20.

It also announced its intention to cut its unit rate of electricity by a further 2 per cent which would lead to electricity bill savings of €24.34 a year.

Household bills

Earlier this year, Mr White held a series of meetings with the energy suppliers to discuss the speed with which wholesale energy price reductions were being reflected in household bills.

Electric Ireland executive director Jim Dollard said the company was “happy to be able to continue to reduce prices for our electricity customers again this winter”.

“This reduction, combined with last year’s reduction, means the average residential bill will have reduced by almost €50,” he said.

“We are committed to offering the best value products in a very competitive marketplace and I believe today’s announcement will be good news for our 1.2 million residential customers.”