MORE THAN ONE million Electric Ireland customers are set to benefit from a major price cut.

A drop of 6% to standard unit rates for residential customers will come into effect from 1 June.

According to the company, this will save the company’s 1.2 million residential customers an average of around €58 a year.

This move is in keeping with a downward trend across the energy sector.

Earlier this month a report published by Vayu Energy found a 45% drop in gas prices in April compared to a year previous – something that it put down to an abundant supply and the strong position of the euro.

In a statement today, Electric Ireland’s executive director Jim Dollard said:

Today’s announcement is good news for Electric Ireland’s 1.2 million residential electricity customers – it means the average annual residential bill for our customers will have reduced by more than €100 over the last 19 months.

According to the company it is the third price reduction in two years.

Electric Ireland is operated by semi-state company ESB, who last month saw its profit after interest and tax hit €286 million – a 33% boost on the year before.

Read: This is what ESB want you to do if you’ve received one of these scam emails

Also: Power isn’t quite paying like it used to for ESB