Electric Ireland cuts prices - East Coast FM
Daragh Cassidy, Head of Communications at bonkers.ie, appeared on East Coast FM to discuss the news, and whether this means prices will finally return to normality.
Listen to the interview above or look at the main points discussed below.
Main points from the interview:
- Electric Ireland’s price decrease follows price reductions by both Energia and Pinergy.
- The price of Electric Ireland’s electricity will go down by 10%, and the price of gas will go down by 12%.
- According to Electric Ireland, this will save the average electricity customer €200 annually, and around the same for gas.
- However, prices still remain at elevated levels. The €200 government supports helped soften the blow of the high prices last winter.
- If the government decides not to reintroduce supports, it could potentially leave households worse off than last winter.
- Additionally, the rate of VAT on gas and electricity is due to increase back to 13.5%, from 9%. If this is allowed to happen, households will again be worse off.
- It is well worth switching energy providers, as discounted rates are still available. While discounts are not as high as they were last year, there is still money to be saved.
- Wholesale prices, while falling, are still far higher than they were before the war in Ukraine.
- Inflation remains high, and pay is not generally keeping up with the rate of price increases. Therefore, one of the only ways to ensure you keep money in your pocket is to switch and save on your household bills.
Switch to a cheaper energy deal today
It’s quick and easy to compare deals and switch gas and electricity providers on bonkers.ie.
If you’re seeking advice when it comes to switching supplier, make sure you check out our energy Quickstart Guide here. Our guide will equip you with all you need to know to make the switch and cut the cost of your gas and electricity bills.
You can read more about the cost of living and the latest developments in the world of personal finance in our blog.
Additionally, check out our guides which seek to answer and advise you on all of our product offerings.