Electric Ireland announced today that it will reduce its standard electricity prices for its residential customers by an average of 2% from 16 November 2015.

Electric Ireland announced today that it will reduce its standard electricity prices for residential customers by an average of 2% from 16 November 2015. This reduction will benefit the average residential customer with a saving of €24.11 (including VAT) per year.

Commenting on the announcement, Jim Dollard, Executive Director, Electric Ireland said, “We are happy to be able to continue to reduce prices for our electricity customers again this winter. This reduction, combined with last year’s reduction, means the average residential bill will have reduced by almost €50. We are committed to offering the best value products in a very competitive market place and I believe today’s announcement will be good news for our 1.2 million residential customers.”
 
Editor’s Notes:
1. Electricity bills are made up of Electric Ireland charges (unit rates and standing charges), the PSO Levy and VAT.
2. The overall 2% reduction is made up of:
a. A reduction of 3% on unit rates
b. A monthly increase of 50 cent (including VAT) on standing charges (except for the Low Usage standing charge which will remain unchanged).
3. The CER recently announced a separate PSO Levy change with effect on all customer bills from October 2015; details are on the CER website (www.cer.ie).
4. Electricity savings are based on average electricity usage of 5,300 kWh on a Residential Urban 24 hour tariff.