Two Irish energy suppliers announce major price cuts

It could lead to the major suppliers dropping prices for a third time.

Two more energy suppliers have announced major price cuts this week, which will come as great news to Irish customers. Both PrepayPower and Pinergy have announced they are to cut their prices from April 1st. The cuts heap more pressure on the major Irish energy suppliers to reduce their prices for a third time, as wholesale prices for energy have eased over the last few months.

Two Irish energy suppliers announce major price cuts

PrepayPower, Ireland's largest pay-as-you-go energy provider, announced that it is decreasing its electricity unit rates and standing charges, which will save average customers around €136 per year (6.7%). For gas bills, an average customer will save around €111 yearly (6.6%). Altogether, dual fuel customers for Prepay Power, which has 180,000 electricity customers and 60,000 gas customers, will save on average around €247 per year. PrepayPower chief executive Cathal Fay said: "We continue to provide competitive pay-as-you-go rates to our customers, including the lowest electricity standard unit rate in the market, after recently announced price reductions by other suppliers, together with our app that allows the customer to control costs and save."

Pinergy has today announced its third price decrease in the last 13 months to its standard residential electricity prices effective from 1st April 2024.

This follows previous decreases in March and October 2023. — Pinergy (@Pinergy) February 26, 2024

Independent operator Pinergy, who have an Irish customer base of around 27,000, dropped their prices for the third time in just over a year.

The latest reduction will see a drop of 8.4% for a typical household, resulting in customers saving on average €183 per year. Pinergy chief executive Enda Gunnell said the firm was pleased to announce the reduction but added: "however, inflated and often volatile electricity markets mean the energy crisis is not going away." The drops now put more pressure on big energy players including Electric Ireland, Bord Gáis, Energia and SSE Airtricity to cut their prices for a third time in recent months. The Central Statistics Office shows that wholesale electricity prices fell 68% last year and energy prices are continuing to drop from their 2022 peak.

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