ONE of the largest energy companies in the country yesterday became the seventh supplier to slash its prices.
Bord Gáis Energy is the latest company to announce cuts after several of its competitors did likewise.
It is cutting electricity and gas prices by 15.5% as wholesale prices fall - to help its 650,000 customers with what it described as cost-ofliving 'challenges'.
The price cuts, which will kick in on November 9, will save the average household approximately €357 a year on electricity bills and €274 on gas, a dual fuel saving of €631.
The cuts are Bord Gáis's first reductions in more than three and a half years, despite the costs to consumers being still around double what they were in 2020.
The firm's managing director, Dave Kirwan, said yesterday: 'We are announcing a reduction in our gas and electricity unit rates of 15.5%. Importantly, we are also reducing our standing charges by the same amount for all residential customers.
'We know energy costs have been hugely challenging for customers over the past two years. Whilst the energy market remains uncertain and volatile, we are happy to be in the position to pass on these reductions to our customers.'
Energy Minister Eamon Ryan has promised further measures to help protect con- sumers from high energy prices in next month's Budget, with more energy credits widely flagged.
Speaking in New York yesterday, he said: 'We have to make sure it's progressive, and that it protects the most vulnerable on energy and the cost of living.'
He added: 'We still have high prices, although prices are coming down, which is really good.
'But we're still in a high-price environment and we're obviously conscious of the need to protect Irish households as best we can.'
Bord Gáis is by far the country's biggest gas supplier with more than 300,000 customers, while it has over 350,000 electricity customers.
Though this is the firm's first price cut in more than three and a half years, in October last year, Bord Gáis raised its energy prices by almost 50%. And before that, in April 2022, it hiked its electricity prices by almost 30% and gas prices by over 40%.
Utility switching site bonkers.ie spokesman Daragh Cassidy said: 'This news was expected given recent price drops by all Bord Gáis's main competitors in recent weeks and it will obviously be welcomed by its customers as we head into the colder autumn and winter months.
'It's also good to see that Bord Gáis has cut its standing charges. These were increased hugely by all suppliers during the crisis.
'No one can avoid them, no matter how little energy they use, so it's good to see Bord Gáis begin to reverse some of the previous hikes,' he said.
'However, even after this reduction, Bord Gáis's prices remain around double what they were in 2020.
'Yes, prices are falling, but they're falling from really high levels. So it'll still be a very expensive winter,' he said. email@example.com HOW SUPPLIERS COMPARE
BORD GÁIS Electricity cuts of 15.5% (€357 on an average bill), gas cuts of 15.5% (€274) and dual fuel savings of €631 were announced yesterday and are set to take effect from November 9 ELECTRIC IRELAND Electricity cuts of 10% (€212.06), gas cuts of 12% (€216.67) and dual fuel savings of €429 were announced on September 9 and take effect from November 1 FLOGAS Electricity cuts of 30% (€895), gas cuts of 30% (€778) and dual fuel savings of €1,673 were announced on September 15 and take effect from November 6 ENERGIA Electricity cuts of 15% (€305), gas cuts of 20% (€325) and dual fuel savings of €682 were announced on September 1 and take effect from October 3 PINERGY Electricity cuts of 11% (€220) were announced on August 28 and take effect from October 1 PREPAY POWER Electricity cuts of 12.8%, gas cuts of 13.5% and dual fuel savings of €435 were announced on September 14 and take effect from November 1 (note, no financial values given for cuts by Prepay Power) SSE AIRTRICITY Electricity cuts of 12% (€212), gas cuts of 10% (€217) and dual fuel savings of €385 were announced on September 8 and take effect from November 1
Possible savings of €600 a year