More price cuts for Electric Ireland gas customers
Lower wholesale prices have sparked falls in energy bills
Electric Ireland is to cut its gas unit prices for its residential customers by 5 per cent from October 1 this year.
The company, the ESB's energy supply business, says the reduction will lower the average residential gas customer's bill by €39.47 a year. This is Electric Ireland’s third reduction in residential gas prices in 18 months.
Electric Ireland also cut electricity unit prices by 6 per cent in June.
The moves are the latest in a series of price reductions by energy companies following sharp falls in wholesale gas prices. Last month, Bord Gáis Energy also announced cuts in its gas and electricity prices for its 650,000 household customers from October 1.
Central Statistics Office figures for August show that gas prices have dropped by almost 2.5 per cent over the past 12 months, whileelectricity prices have fallen by more than 6 per cent.
Earlier this year,a report from the Commission for Energy Regulation(CER) found that standard electricity prices for consumers fell by up to 4.6 per cent during 2015, while gas prices dropped by up to 5 per cent. The CER said increased competition and lower wholesale prices were the main reasons for the falls in prices.
Figures from Eurostat, however, show that electricity prices for households in Ireland are relatively high, though gas prices are close to the average.
Related Stories
Bord Gáis Energy to cut prices from October
