Flogas has announced the biggest cuts to date in gas and electricity costs – 30pc from November 6 next with PrepayPower announcing cuts of 13pc yesterday.
Flogas which has 70,000 residential customers for electricity and gas, said this morning the reduction will result in a saving of €74.58 per month on customers’ average electricity bills, or €895 per annum.
Natural gas customers will benefit from a decrease of €64.84 per month or €778 over their annual bills on average. Dual fuel customers could benefit from a reduction of €1,673 per annum.
In recent weeks, Electric Ireland, the country’s largest energy provider, and SSE Airtricity announced price cuts last in domestic energy charges (10pc and 12pc respectively)– cuts effective from November 1.
Energia preceded the recent price announcements with a reduction of 20pc for customers with a Smart meter electricity plan – culminating in a reduction of circa €357 per annum, and €682 average in reduction for dual-fuel customers), effective next month. Pinergy also announced their second price cut in residential rates, with a 9.5 per cent cut effective from October 1.
However, An Taoiseach, Leo Varadkar has called on the major energy suppliers to further drop their tariffs, as had Minister Michael McGrath.
Mr Varadkar said more reductions are needed in advance of Budget Day 2023 and while there are more incentives and boost for low income earners in the forthcoming Budget, there is more room for energy costs as people are still struggling to cope with the rising cost of living.
He noted the planned windfall tax showed the government were tackling energy suppliers and it gave the government some leeway to introduce energy supplements this year to aid householders with winter heating bills. However, the Irish Fiscal Advisory Council, the national budgetary watchdog stated universal cost-of-living measures were not justified this year.
The Taoiseach along with Minister for Energy, Eamon Ryan met the Ireland’s four largest suppliers earlier this week and stressed the need for further price reductions (Electric Ireland, SSE Electricity, Bord Gáis and Energia). Only Bord Gáis has failed to announce major price reduction in recent weeks.
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