Customers of power supplier Energia are in line to save hundreds of euro on their gas and electricity bills after the company announced cuts to its home energy prices from March 1st.
The company, which has about 300,000 customers, is reducing its electricity prices by 7.5 per cent and its gas costs by 5 per cent.
The decision to reduce home energy prices is the second such reduction the company has announced in six months. However, the cuts have been implemented following a period of sustained price increases and reflect a significant recent fall in the price of energy on wholesale markets.
In October 2022, Energia increased electricity prices by more than 30 per cent and gas prices by close to 50 per cent in what was its second significant increase that year after it increased gas and electricity prices by almost 20 per cent the previous April.
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In the latest price cut, Energia smart meter electricity plan customers will see a reduction of 7.5 per cent on their unit rates or an average of €105 per year based on the average annual bill.
Smart meter dual fuel plan customers will see a reduction of 7.5 per cent for electricity and 5 per cent for gas on their unit rates or an average of €170 per year based on the average annual bill.
Electricity customers will see a reduction of 7.5 per cent on their unit rates or an average of €129 per year.
Dual fuel customers will see a reduction of 7.5 per cent for Elec and 5 per cent for gas on their unit rates or an average of €194 per year.
Gas customers will see a reduction of 5 per cent on their unit rates or an average of €65 per year.
Gary Ryan, managing director of customer solutions at the group, said: “This latest price reduction, the second in six months, follows our 20 per cent reduction introduced in October 2023.
“We have continued our focus on innovation and energy efficiency, by offering the greater overall reduction in costs for smart meter customers since prices began to decrease in the market.
“We will continue to provide customers who might be experiencing difficulty with support. We continue to work with St Vincent de Paul, MABS, Alone, as well as other charities and urge customers to always contact us to find a solution.”
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