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01st Nov 2023

Energy prices: Here’s everything you need to know about the incoming price reductions

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A raft of energy price decreases are due to come into effect today.

Millions of people across the country will welcome the move by energy suppliers to cut costs for customers.

Those signed up to Electric Ireland, SSE Airtricity, and Prepaypower should see their electricity and gas prices fall by between 10% and 13.5%.

From Monday November 6th, Flogas will cut its electricity and gas prices by 30%, followed a few days later by Bord Gáis Energy, which is cutting its prices by 15.5%.

While the law states that energy suppliers must give 30 days’ notice of a price change, most of them have announced price decreases around two months in advance.

This means that households would have to wait longer than usual for the cuts to be seen in their bills.

The price decreases mean the average Electric Ireland customer will save just over €200 a year on their electricity bills.

Meanwhile, the average Bord Gáis Energy customer will see their gas bill drop by almost €300 a year.

Despite the incoming price reductions, energy prices will continue to be around double normal levels this winter.

This puts Ireland in a position where we it is among the most expensive in all of Europe.

“It’s been a while since we’ve had some good news on the energy front”

Speaking about the welcome news, Daragh Cassidy, Head of Communications at bonkers.ie says:

“It’s been a while since we’ve had some good news on the energy front. And as we head into winter when energy bills in the home usually skyrocket, these price decreases will be a massive relief for many households.

“However gas and electricity prices this winter will still be around double normal levels. So households need to be prepared to get some hefty bills over the coming months.

“Along with the price decreases, the other good news is that suppliers are competing properly for new customers again.

“Not as aggressively as before perhaps, but there are good discounts on offer to those who switch which will help households save even more on their bills. We’ve also seen a new supplier, Yuno Energy, enter the market offering the cheapest electricity deal.”

He went on to say: “We should see prices fall by around another 10% to 15% at some stage next spring as suppliers’ hedging strategies further unwind.

“However this will still leave our energy prices at high levels and well above the European average.”

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