One of the country's biggest energy suppliers is cutting its prices for the second time in just three months.
Most of 2022 and 2023 was extremely tough for households in Ireland as the energy crisis saw gas and electricity prices reach record levels.
However in October and November we saw all the main suppliers finally introduce moderate price cuts of between 10% and 20%.
And now today SSE Airtiricty is set to spark another round of cuts as it's announced that it's dropping its prices for the second time since November.
Here's everything you need to know...
SSE Airtricity price drop
SSE is cutting its residential electricity prices by 12.8% and its residential gas prices by 11.5% from 1st February 2024.
The decrease will apply automatically to all SSE customers who are on a variable tariff. However those on fixed-rate tariffs with SSE will see no change.
The decrease will see the average SSE customer save around €210 a year on their electricity costs and around €150 a year on their gas.
SSE only reduced its prices last month when it cut its electricity prices by 12% and its gas prices by 10%. So it has to be credited for dropping prices again so soon.
And on top of the decrease announced today, SSE is offering new customers who switch to the supplier further discounts of up to 20%!
Why are prices falling?
Over the past year or so we’ve seen wholesale gas and electricity prices ease significantly, albeit from very high levels, and this is now being passed on to consumers which is obviously good news.
However wholesale electricity prices in Ireland are still around three times normal levels. While wholesale gas prices are around double normal levels. So there's a limit to how far prices for consumers can fall for the time being.
Indeed, even after today’s reduction, SSE’s standard electricity prices remain around 85% above where they were in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices while SSE’s gas prices are around double normal levels.
Nevertheless, we are slowly but surely seeing energy prices fall to slightly more manageable levels.
Switch and save on your energy
If you’re looking to save money on your energy bills, there's never been a better time to switch to a cheaper supplier.
All the main suppliers are now offering big discounts, of up to 20% or more, to new customers meaning you could save hundreds on your bills.
Head over to our energy comparison page to review the options available to you. Whether you’re looking to compare electricity, gas, or dual fuel deals, bonkers.ie has got you covered.
