PrepayPower, the largest prepay energy provider in Ireland, has today announced price cuts, effective from November 1st.
Good news for PrepayPower’s 180,000 Irish customers today, as the pay-as-you-go energy supplier is the latest to cut prices, following announcements from Pinergy, Energia, Electric Ireland and SSE Airtricity.
The company is cutting its standard unit rates for gas and electricity to 12.34 cent per kWh and 36.22 cent per kWh respectively. These price reductions should save PrepayPower’s dual fuel customers around €435 a year.
Speaking on the announcement, a spokesman for PrepayPower said:
“We are delighted to announce these price reductions for our customers today. Our customers will continue to benefit from standard rates that are amongst the lowest in the market, significantly cheaper than the standard rates from many bill pay suppliers”
Will there be further decreases?
PrepayPower has become the fifth provider to lower prices this year, leaving Bord Gáis as the only major player yet to announce any decreases.
Additionally, Yuno Energy launched in Ireland at the end of August, offering competitive prices to the market.
Unfortunately, wholesale prices for electricity remain at elevated levels. The average wholesale price for September so far is over triple the average prices seen in 2020.
Therefore, the capacity for suppliers to reduce prices to levels seen before the energy crisis is extremely limited, meaning that this winter is set to be another tough one for hard-pressed Irish households.
However, prices on the wholesale market are still lower than they were during the height of the energy crisis, so there is still potential for further small decreases to household energy bills.
Moreover, switching discounts are beginning to reemerge, meaning there is money to be saved by switching energy providers.
The upcoming Budget 2024 will be a major decider on how difficult this winter will be for many. The reintroduction of one-off supports for households, along with decisions on VAT, will go a long way towards insulating Irish consumers from the brunt of high prices.
The Government has committed to keeping the reduced rate of VAT on gas and electricity bills until October. However it will no doubt come under pressure to retain the lower rate for much longer given prices will remain at very high levels for the medium term.
The Government may also pay another round of energy credits this winter - though perhaps at a slightly reduced level.
In the meantime, to help you cope with high energy prices, 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.
Switch and save on your energy
If you’re looking to save money on your energy bills, why not switch to a cheaper supplier?
Even though prices are still high, you can still save money by switching.