Energy price cuts come into effect - East Coast FM
The residential energy price cuts announced over the last couple of months are finally beginning to come into effect.
From the 1st of November, Electric Ireland, SSE Airtricity and PrepayPower customers will all see decreases in their energy bills, while Flogas and Bord Gáis customers will see prices fall on the 6th and 9th respectively.
David Kerr, CEO of bonkers.ie, appeared on East Coast FM to discuss the price cuts, and the state of consumer energy more generally.
Listen to the interview above or look at the main points discussed below.
Main points from the interview:
- If you are a customer of one of the suppliers that have announced decreases in prices, you do not need to do anything. You will automatically receive the lower price in your next bill.
- However, despite the cuts, the prices are still around double what they were before the energy crisis.
- Many people are out-of-contract, or are soon to be, with their energy supplier. In this situation, it is well worth heading to bonkers.ie to switch onto a new discounted energy deal.
- The reduction in prices is being driven by the wholesale market finally beginning to temper. However, as already mentioned, prices are still well above normal levels and seeking discounts on your energy bills is the best way to avoid bill shock over the winter.
- While the €450 electricity credit is welcome, it will not scratch the sides for many, particularly as it does not apply to gas bills.
- According to the CRU, 12% of electricity customers and a massive 24% of gas customers are in arrears with their supplier.
- Average households can potentially save €466 annually if they opt for a new discounted rate, highlighting the importance of switching coming into the winter months.
Switch to a cheaper energy deal today
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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.
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