Another cut in electricity, gas prices announced by Electric Ireland

DUBLIN, Ireland: Electric Ireland has announced another price cut, marking its third reduction in less than a year. Starting in November, over one million customers will benefit from lower electricity and gas prices.

The company will decrease electricity rates by up to five percent and gas rates by three percent, translating to annual savings of between 40 euros and 85 euros for households.

Electric Ireland also revealed it will not pass on the upcoming price hikes set for all electricity providers next month. The Commission for the Regulation of Utilities recently approved a 100 euro annual increase in household electricity bills to fund grid improvements, but Electric Ireland has chosen to absorb this cost instead, which could pressure other suppliers to follow suit.

The price reduction will be applied automatically, requiring no action from customers. Additionally, those on smart meter tariffs will receive a higher discount of five percent to encourage wider adoption of the technology.

This latest cut follows price reductions in March, when Electric Ireland lowered electricity rates by eight percent and gas prices by seven percent. The company currently serves around 170,000 gas customers.