ELECTRIC IRELAND HAS announced it is to cut its electricity prices for residential customers next month.

Prices will be reduced by an average of 2% from 17 November for 1.2 million customers.

The company said a typical household will save around €25 per year.

“We are happy to be able [to] reduce prices for our residential electricity customers as we approach winter,” said Jim Dollard, the executive director of Electric Ireland.

The price decrease will mean consumers will pay less for power and heating during what are typically the coldest months of the year.

Consumers have been badly hit in recent years with frequent increases in prices among domestic power suppliers.

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