ELECTRIC IRELAND HAS announced a 4% cut to gas prices. 

The provider confirmed that gas bills will be reduced from 1 November. The reduction will see the average customer save around €58 on their annual gas bill, according to the company. 

The energy provider also confirmed that its current electricity prices were to remain the same. 

Daragh Cassidy of price comparison site Bonkers.ie said the move should come as a comfort for Electric Ireland customers as today’s announcement means current rates are unlikely to increase within the next “three to four months”.   

This price decrease follows Energia’s confirmation yesterday that electricity prices for its customers are to rise by up to 12.1 percent from 9 October, while its gas prices are to remain unchanged.

These increases will add up to €205 a year to the average household’s annual electricity bill.

Energia’s Managing Director of Customer Solutions, Gary Ryan, described the price hikes as “unavoidable” – citing ongoing increases in electricity system operator and network charges. 

According to Cassidy of Bonkers.ie more suppliers, affected by these same issues, will also implement price increases over the coming months.  

However Cassidy said it was still worth customers switching to cheaper energy providers now, despite the potential increases. 

“When people switch, they get a discount anywhere between 20 to 30 percent for an entire year. If you move to another supplier and they do increase their prices, the discount that you’re getting will still hold.” Cassidy said.

“People might say there’s no point in switching, that so-and-so might increase their prices, but if you switch, you’ll get a discount of maybe 20 percent. That can make a huge difference to people’s bills.” 

Sinn Féin spokesperson on energy, Pa Daly, criticised the government for allowing household energy costs “to spiral once again”. 

Daly called on the government to include energy credits within a cost-of-living package in the upcoming budget, to provide “much needed relief”.

The government has consistently ruled out any return of winter energy credits in next month’s Budget, citing the need to exercise caution with the country’s finances amid an uncertain global backdrop.

Global energy prices significantly increased following the Covid-19 pandemic and the Russian invasion of Ukraine, and have yet to return to pre-pandemic levels.