Electric Ireland announces third cut in electricity and gas prices

The ESB-owned provider said it will also absorb the hike in electricity network charges approved recently by the energy regulator.

The levy rise is expected to cost €101, but Electric Ireland said it will not pass it on to its customers.

The company, which has 1.1 million customers, is reducing its standard unit rate of electricity by 3pc and its standard gas rate by 3pc for residential customers from November 1.

This will save households €45 a year on their electricity bills and €40 a year on their gas costs.

The new standard electricity rate will be 34.8c per per kilowatt hour (kWh), including VAT.

Customers on a smart meter tariff will see their electricity prices fall by 5pc.

Today’s News In 90 Seconds – 5th September 2024

Electric Ireland is not decreasing its standing charges.

Experts said the fact that Electric Ireland is absorbing the regulator-sanctioned rise in network charges has meant it was unable to reduce its unit rates further.

Electric Ireland, which is a…