BORD GÁIS ENERGY has announced a price cut for residential electricity and gas customers, with bills set to reduce by 10% for electricity and 9.5% for gas from 29 February. 

This will be the second price cut from the biggest electricity supplier in four months.

It also comes after SSE Airtricity dropped its prices in December and Electric Ireland announced earlier this week it is to drop its prices in March. 

The 10% reduction in electricity unit rates, 9.5% reduction in gas unit rates, and 8% reduction in standing charges means a residential dual fuel Bord Gáis customer will save an estimated €331 per annum, the company has said. 

Electricity-only customers will save an estimated €190 per annum, and gas-only customers will save an estimated €141 per annum. 

All new rates will come into effect from 29 February.

The reductions come after the company increased its electricity and gas prices numerous times in 2022.

For example, in April 2022, Bord Gáis Energy price increases saw the average electricity bill rise by 27% and the average gas bill go up by 39%.

Bord Gáis Energy blamed the price rises in April 2022 on “the persistence of high demand on gas worldwide, reduced supplies, low storage volumes, geo-political issues and late winter conditions”.

In its statement today, the company said it recognises that “the last 24 months have been particularly difficult for those struggling to meet their bills”. 

“We urge any customer concerned about their energy bills to get in touch with us as soon as possible,” it said. 

Bord Gáis energy managing director Dave Kirwan said: “Despite some volatility remaining, wholesale energy prices have continued to stabilise, and our careful hedging strategy has meant we can pass on today’s savings.” 

Speaking in December, Climate Minister Eamon Ryan said he expected household energy prices to “fall significantly” in the first quarter, or the first half, of this year. 

He said, however, that he does not think prices will return to their historic averages.

“But it won’t be the exceptional prices over the last two years,” he said.