Flogas is the latest supplier to drop its prices in response to easing wholesale energy costs.
In more good news for Irish households, Flogas has announced big reductions to its gas and electricity prices.
From 25th March it's cutting its standard unit rate of electricity by 15% and its gas rate by 25%.
It's also cutting its gas standing charge by 10%. The electricity standing charge will remain unchanged.
The new lower prices will automatically apply to all Flogas customers on variable tariffs. However customers with a smart meter and who are on a smart tariff won't see any change to their prices as these are being kept unchanged for now.
And those on a fixed-rate tariff with Flogas obviously won't see any change to their rates either.
What are the savings?
Following the latest price cut, the average Flogas customer will save around €274 a year on their electricity bills. While gas customers will save well over €400 a year.
However although the price cuts and savings from Flogas look pretty significant, the reductions are coming off a much higher base.
Flogas increased its rates much more than the competition over the past two years. So despite cutting its prices by a whopping 30% last November and by another 15% to 25% today, its prices are still not much cheaper than the rest of the main competition who have announced smaller cuts.
And, like all suppliers, Flogas’s prices still remain significantly above where they were around three or four years ago before Covid and then the war in Ukraine wreaked havoc with energy prices.
Our head of communications chatted to the Claire Byrne show on RTÉ Radio One about the price cut from Flogas. You can listen to that interview here.
Looking forward, the good news is that wholesale gas and electricity prices continue to fall. They’re still at quite high levels but if the trend continues, barring another economic shock of some sort, it's very likely we’ll see a third price decrease from Flogas of a similar size in the second half of the year.
And even though prices are dropping, remember that you can save even MORE money by switching. That's because as well as the reductions we’ve seen announced recently, suppliers are offering further discounts of up to 20% or more to new customers who switch.
So remember to switch and save on bonkers.ie today.
In the meantime, to help you cope with high energy costs, here are 16 ways to use less electricity and save money.
And if you're struggling to pay your energy bills, here are a range of supports that are available.