Business

Airtricity announces fresh price cuts of 10% for gas and electricity users

Reduction will save customers average of €150 a year on electricity and a little in excess of €100 on gas

With the cost of energy on wholesale markets down by in excess of 70 per cent since early 2022, it has been anticipated further savings would be passed on to Irish consumers.

Conor Pope
Wed May 29 2024 - 05:00

Irish consumers will start to benefit from a fresh round of energy price cuts this summer with SSE Airtricity reducing the cost of its domestic electricity and gas by 10 per cent from the start of July.

It will see customers save an average of €150 a year on electricity and just over €100 on gas.

It is the third price reduction from the company in less than a year and comes after price cuts which kicked in last November and in February.

This news will benefit about a quarter of a million electricity customers and 90,000 gas customers.

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With the cost of energy on wholesale markets down by in excess of 70 per cent since early 2022, it has been anticipated further savings would be passed on to Irish consumers.

[ Watchdog says energy price cuts on way but warns cost will not fall to 2021 levels ]

“We are happy to be able to announce a price decrease today, following our most recent price decrease in February,” said the managing director of SSE Airtricty, Klair Neenan.

“We have worked hard over the last couple of years to support our customers and we remain committed to passing on reductions as soon as it is possible to do so,” she continued.

“This is the third price cut from SSE Airtricity in less than a year and I’d expect all the other big suppliers to follow suit with similar price reductions over the coming weeks,” said Daragh Cassidy of switching and comparison site bonkers.ie.

However, he pointed out that, even with the latest price drop, SSE’s electricity prices are still about 70 per cent higher than before the energy crisis broke out while its gas prices remain about 80 per cent higher.

“This means households will still be paying around €1,000 a year more for their gas and electricity than they were only a few years ago,” he said.

[ Energy prices fall 30% as wind generates almost one-third of electricity ]

He warned that prices for households were not likely to fall much further in the short to medium term.

“Hopefully we might see a similar-sized price cut in the early part of next year. But we may need to get used to paying much higher prices for our energy going forward,” he said.

Conor Pope

Conor Pope

Conor Pope is Consumer Affairs Correspondent, Pricewatch Editor

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