More than 1m Electric Ireland residential customers are to benefit from a 5.2% cut in their electricity bills thanks to the company's third unit rate price reduction in less than two years. The country's biggest energy supplier announced yesterday it will cut the rate by 6% from June 1. - Stephen Rogers
*This reduction will benefit Electric Ireland residential electricity customers with saving of €57.75 (including Vat) or 5.2% per year on an average customer bill." it said.
In November the company cut residential bills by 2% which equated to a drop of €25.27 in the average annual bill. A year later a further cut meant bills fell by €24.11.
Jim Dollard an executive director said: "We are committed to continually offering the best-value products to our customers in a very competitive energy market place.
"The announcement is good news for Electric Ireland residential electricity customers - it-means the average annual residential bill for our customers will have reduced by more than €100 over the last 19 months."
David Kerr of the price comparison website bonkers.ie said it would be interesting to see if other suppliers follow Electric Ireland's suit and cut their prices too.
"I would encourage energy customer to take advantage of the huge savings that are also available to them through discount and new customer offers" he said.
Right now an average customer can save €214 by switching to the cheapest electricity deal and dual fuel customers can save €376.