Around two million households nationwide are set to benefit from a decrease in electricity and gas prices from today.
Electric Ireland, SSE Airtricity and Prepaypower will see their electricity and gas prices fall by between 10% and 13.5% as part of previously announced reductions.
Customers of Flogas and Bord Gáis Energy will also see prices drop by around 30% and 15.5%, respectively, from Monday November 6th.
The decreases mean the average Electric Ireland customer will save just over €200 a year on their electricity bills, while the average Bord Gáis Energy customer will see their gas bill drop by almost €300 a year.
Despite the price drops, energy prices this winter will still be around double normal levels and will remain among the most expensive in all of Europe.
According to recent data from Eurostat, Irish gas prices are the fifth highest in the EU at almost 25% above the EU averag
Relief on the Horizon: Energy Price Drops Expected
Source: Eurostat
According to Daragh Cassidy, the Head of Communications at Bonkers.ie, the anticipated drop in energy prices will be a breath of fresh air for many.
A Much-Needed Break from Rising Energy Costs
“It feels like it’s been ages since we’ve had a reason to smile about energy costs,” Cassidy shared. “As we brace ourselves for the winter season, a time when energy bills typically go through the roof, these expected price reductions will be a huge sigh of relief for countless households.”
Healthy Competition Among Suppliers
But that’s not all. Cassidy also highlighted another silver lining. “Along with the price drops, we’re seeing suppliers stepping up their game and competing for new customers once more. They might not be as aggressive as they once were, but they’re offering attractive discounts to those willing to switch, which will help households save even more on their bills.”
New Player in the Market: Yuno Energy
He also mentioned a new development in the energy market. “We’ve seen a new player, Yuno Energy, make its debut, offering the most affordable electricity deal currently available.”
Looking Ahead: Further Price Reductions Expected
As for the future, Cassidy remains optimistic. “Barring another energy shock, we should see prices fall by around another 10% to 15% at some point next spring as suppliers’ hedging strategies continue to unwind,” he added.
Conclusion
The drop in electricity and gas prices set to benefit around two million households across Ireland is a welcome relief for consumers as the winter season approaches. With reductions of 10% to 13.5% for Electric Ireland, SSE Airtricity, and Prepaypower customers, and even more substantial drops of around 30% for Flogas and 15.5% for Bord Gáis Energy users, households will see significant savings on their energy bills. The average Electric Ireland customer can expect to save over €200 annually on electricity, while Bord Gáis Energy customers will see their gas bills reduced by almost €300 each year.
These price decreases come as a breath of fresh air for many who have been grappling with rising energy costs. Despite these reductions, Irish energy prices remain among the most expensive in Europe, with gas prices standing at nearly 25% above the EU average. However, the competitive landscape among energy suppliers is changing for the better, with new players like Yuno Energy offering cost-effective deals and established providers offering attractive discounts to entice new customers. Looking ahead, further price reductions of 10% to 15% in the spring are anticipated as suppliers’ hedging strategies continue to evolve.
Photo: Freepik.com
