Electric Ireland, the country's largest energy supplier, has this morning announced its second price reduction for over 1.1 million people this winter.

It is reducing residential electricity and gas prices by 8% and 7% respectively, effective from March 1st.

It means Electric Ireland’s residential electricity customers will save an average of €152.78 and its residential gas customers will save an average of €111.29 on their annual bills. 

Executive Director Pat Fenlon said the company is "acutely aware of the pressure many customers continue to experience due to the impact of international events and the energy crisis over the last two years."

The two price decreases in November 2023 and March 2024 will result in a cumulative reduction of 17.2% in electricity prices and 18.2% in gas.

Cost of living crisis

Following Putin's invasion of Ukraine in 2022, sanctions were imposed on Russian fossil fuels and there was significant disruption in the international energy market.

Prices across Europe surged and the Government introduced a series of measures to mitigate the high cost of keeping the lights on.

In autumn 2023, energy companies announced their prices would drop and Bonkers.ie spokesperson Darragh Cassidy said there will be further reductions in the months ahead.

Main image: A man adjusting a radiator.