FLOGAS IS CUTTING its variable rates for residential electricity and gas bills.

Several energy suppliers, including Energia, Bord Gáis Energy and Electric Ireland, have decreased their costs in recent months as the pressure that built up on the sector in 2022 eases.

Flogas customers can expect a reduction in the standard unit rate of electricity by 15% and gas by 25%.

The change will come into effect on 25 March, the second time the supplier has reduced its prices in around four months.

Flogas is also decreasing its standing charge for gas by 10%. 

However, smart meter tariffs and fixed rates will remain the same at present, with changes only applying to customers on the standard variable rates.

Comparison website Bonkers.ie said that although the reductions are larger than those announced by rival energy companies in recent months, Flogas’s “previous high rates mean its new prices are similar to the rest of the competition”.

“Flogas’s energy prices still remain significantly above where they were around three or four years ago before Covid and then the war in Ukraine wreaked havoc with energy prices,” Bonkers.ie Head of Communications Darragh Cassidy said.

.“Looking forward, the good news is that wholesale gas and electricity prices continue to fall. They’re still at quite high levels but if the trend continues, barring another economic shock of some sort, it’s very likely we’ll see a third price decrease from Flogas of a similar size in the second half of the year I think.”