Electric Ireland has today announced that it will reduce electricity prices for all customers. The price cut, which will take effect from 16 November 2015, will see Standard electricity unit rates come down by 3%. Electric Ireland has also said that it will increase standing charges by almost 50 cent per month.
Electric Ireland customers will save €24.11 per year – or €2 per month – when the unit rate reduction and standing charge increase are taken into account.
Price change details
Electric Ireland will cut its Standard electricity unit rate by 3% from 16.59 cent per kWh to 16.09 cent. The company will increase standing charges by 49.75 cent per month or €5.97 per year. This will see the annual urban standing charge go from €123.34 to €129.31 per year.
Electric Ireland’s standing charge will remain the lowest in the marketplace despite the increase.
Today’s announcement represents the second time Electric Ireland has reduced prices in the last 12 months. In November 2014, the company cut electricity prices by 2% which saved householders €25 on annual bills.
Electric Ireland is the third energy supplier to announce a price cut in the past month. Bord Gáis Energy cut electricity unit rates by 2% and gas unit rates by 2.5% on 1 October 2015 (more on that here). PrePayPower also cut its electricity unit rate 0.5% on 1 October, offering its customers savings of around €4.77 per year – or 40 cent per month.
Commenting on the Electric Ireland price change, bonkers.ie Managing Director David Kerr said: “Today’s announcement by Electric Ireland will certainly be welcomed by their 1.2 million electricity customers who will see these savings take effect in November. We’ve become used to price increases at this time of year so it’s good to see suppliers reversing that trend. I would also recommend that customers add to these savings by making sure they are on the best discounted electricity and gas deals before winter sets in. With the best deals they could save an additional €343 per year.”
Jim Dollard, Executive Director of Electric Ireland said, “We are 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.”
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