Householders can expect lower electricity bills this winter as the Commission for Energy Regulation today announced a reduction of at least 5 per cent in electricity charges from November 1st.
The Commission for Energy Regulation (CER) is currently considering the following price reductions to its main three consumer groups, with plans to make a final decision on actual reductions by 14 thSeptember:
- Residential Customers - 5.4%
- Small Business Customers - 5.9%
- Medium Business Customers - 10%
Householders can expect average savings of €50 annually once the rate changes come into effect.
The CER is citing lower gas prices and a move to a single electricity market on 1st November - which will include both Northern Ireland and the Republic of Ireland - as reasons for the drop in electricity supply charges.
The new rates will come into effect two months earlier than normal seasonal adjustments, following delays in the move to the single electricity market which were due to have been finalised by the end of July.
The single electricity market will introduce new trading rules and mechanisms for electricity generators and suppliers on both sides of the border and has been designed to encourage the continued growth of competition in the electricity sector across the whole island of Ireland.