As price was sees a €40 energy cut, watchdog warns: Wait for the best deal

By Christian McCashin

The on-going energy price war will see another drop in gas prices by nearly 640 a year from next month.

The 5% cut, just in time for peak winter demand, is the third for Electric Ireland's 150,000 customers in the past 18 months.

It was welcomed by Consumers' Association of Ireland chief Dermott Jewell.

He Sald: "An un usual reduction at this time of year should encourage consumers to take their time before rushing to switch. There wiII be other offers from other providers to challenge or best this offer. Contracts are binding so do not rush."

An Electric Ireland spokesman said: "This reduction will benefit Electric Ireland's average residential gas customer with a saving of €39.47 including VAT per year. This is Electric Ireland's third reduction in residential gas prices in 18 months, delivering an average saving of €80 to gas customers during this time."

Price comparison website bonkers.ie said yesterday's announcement was the latest salvo in the ongoing energy price war.

Simon Moynihan, of bonkers.ie, said: "What's really unusual this time round is SSE Airtricity announced it was cutting gas prices on August 1, then Bord Gals at the end of August announced it was going to cut prices, now we have Electric Ireland's cut. So that's three out of our five gas suppliers have announced cuts all to be effective before the winter, highly unusual.

"The reason they can cut is they can afford to. Wholesale gas prices are down 35% year-on-year at the moment. Suppliers generally say they need to wait for gas prices to trickle through."

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