Electric Ireland Announces Additional Price Reductions this Winter

• Residential electricity unit rate and standing charge will reduce by 8%, resulting in €152.78 savings per annum on the average electricity bill.
• Residential gas unit rate and standing charge will reduce by 7%, resulting in €111.29 savings per annum on the average gas bill. 
• This is a combined annual reduction of €264.07 for Electric Ireland’s dual fuel customers. 
• Electric Ireland’s resultant Estimated Annual Bill (EAB) will be lower than any other Standard Variable Electricity Tariff EAB currently available or announced for the market. 

 Date: Monday 15 January 2024 (Issued at 7am)  

Ireland’s largest energy supplier, Electric Ireland, has today (15th January 2024) announced its second price reduction for over 1.1 million residential electricity and gas customers this winter. It will reduce residential electricity and gas prices by 8% and 7% respectively effective from 1st March 2024. The decreases, in both the unit rate and standing charge, equate to a saving of €12.73 per month on the average electricity bill and €9.27 per month on the average gas bill, based on the Estimated Annual Bill (EAB) as defined by the Commission for Regulation of Utilities (CRU).   

This means that Electric Ireland’s residential electricity customers will save an average of €152.78 and its residential gas customers will save an average of €111.29 on annual bills. This is a combined annual reduction of €264.07 for Electric Ireland’s dual fuel customers.  Electric Ireland’s resultant Estimated Annual Bill (EAB) will be lower than any other Standard Variable Electricity Tariff EAB currently available or announced for the market.  

 The two price decreases in November 2023 and March 2024 will result in a cumulative reduction of 17.2% in electricity prices and 18.2% in gas, delivering an annual saving of €364.84 and €327.97 on the average electricity and gas bills respectively. 

 Commenting on the price reduction, Pat Fenlon, Executive Director, Electric Ireland, said:   

“We are pleased to announce a further reduction in energy prices for our customers today. We are acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years. Following a reduction of 10% in electricity and 12% in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2% in electricity and 18.2% in gas prices within a 4-month period. This will mean a saving of circa €692.81 per annum. 

 “We are determined to offer the best value in the energy market and help our customers on the journey towards Net Zero by providing products and services which help them reduce their energy consumption and save money. Further information is available on Electric Ireland's Net Zero Hub.” 

Since winter 2020, Electric Ireland has committed over €63 million to support customers. This includes €55 million given back to customers by foregoing profits in 2022, as well as a €5 million ‘Electric Ireland Hardship Fund’, which will continue to help those customers having difficulties paying their energy bills again this winter. 

Electric Ireland offers a range of solutions to help customers with financial challenges including flexible payment plans, payment holidays, Pay As You Go (PAYG) meters, Smart Meter Plans, energy use insights and energy saving tips and advice. Visit Electric Ireland's Customer Support Hub to learn more. Customers can also manage their electricity account through the Electric Ireland app.  

 ENDS   

Notes to Editor:    

ESB’s Generation and Supply businesses are required to operate separately so profits from ESB’s Generation business cannot be used to offset costs incurred by Electric Ireland.      

Electric Ireland Estimated Annual Bill (EAB) Decreases   

At Electric Ireland, we are committed to providing the best value to our customers by consistently providing competitive standard electricity rates, with an additional enduring discount rate of up to 8.5% for dual fuel and 5.5% for electricity customers, available for direct debit and e-billing customers, which reduces those rates further.   

How is the price decrease broken down in customer bills?  

Customers will see their electricity unit rate decrease by 8% or €10.91 per month/€130.93 per year.   

Customers will see their electricity standing charge decrease by 8% or €1.82 per month/€21.84 per year.   

Customers will see their average gas bill decrease by 6.57%, including Carbon Tax and VAT rates, effective from 1 March 2024.     

Customers will see their gas unit rate decrease by 7% or €8.29 per month/€99.52 per year.   

Customers will see their gas standing charge decrease by 7% or €0.98 per month/€11.78 per year.   

As per Electric Ireland terms and conditions, customers can terminate their contract at any time. Termination fees may apply.   

Wholesale Gas Prices   

While wholesale prices have fallen in recent months, particularly since their peak in autumn 2022, they remain c.200% higher than in 2020. The figure of c. 200% is derived when comparing the 12-month rolling average NBP (UK National Balancing Point) price from July 2020 to December 2023.   

Electric Ireland Customer Supports   

Electric Ireland is aware that some of our customers may experience financial difficulties and uncertainty this winter and we will continue to provide a range of initiatives to support customers in such circumstances such as:    

• Electric Ireland’s €5 million Hardship Fund will continue to provide help to customers who have difficulty paying their bills.   
• Electric Ireland has committed over €63 million since winter 2020, to provide additional support to customers in paying bills:
• In December 2022, Electric Ireland gave over €55 million back to its customers by foregoing its profits and giving each of its 1.1 million electricity customers a €50 credit.  
• In December 2020, Electric Ireland administered €1 million to support 10,000 registered vulnerable customers via a Christmas credit.  
• In March 2021, a €2 Million Hardship Fund was announced to support customers who were having difficulty in paying bills initially due to the Covid pandemic and then due to increasing energy costs. The funds were administered by our partners, The Society of St. Vincent de Paul (SVP) and the Money Advice and Budgeting Service (MABS), in the form of energy credits.   
• In June 2022, a further €3 Million Hardship Fund was announced, which was increased to €5 Million in December 2022.  
• As announced by the Commission for Regulation of Utilities (CRU) in September 2023, a disconnection moratorium for all domestic customers has been extended again this year from what is normally a three-week period over Christmas and is now in place from 1 December, 2023 until 31 January, 2024. The moratorium for customers registered as being particularly vulnerable to winter disconnections is in place covering a six-month period from 1 October, 2023 until 31 March, 2024. Vulnerable customers registered as being critically dependent on electrically powered assistive devices cannot be disconnected for reasons of non-payment at any time and this protection remains in place.  
• Electric Ireland engages with all residential customers who have trouble paying their bills, in line with the voluntary industry ‘Electric Ireland's Customer Support Hub’. We encourage any Electric Ireland customer who has difficulty paying their energy bill to contact us and we will work with them to put a manageable payment plan in place. We have thousands of these payment plans in place at present.     
• Electric Ireland works with Fuel Poor customers who sign up to the An Post Household Budget Scheme or Industry Solution Prepayment Meter as a way to pay their energy bills and applies a 5% discount.         
• We provide several flexible payment options, including an Equaliser product, which enables customers to spread their energy costs in equal payments across the year or to take a payment holiday by agreeing a plan to pay their bills over eleven months instead of twelve.
• Customers seeking information on product and services which may help reduce their energy consumption can visit the new Electric Ireland Net Zero Hub, a one stop shop for all you need to know about smart meter plans, EV tariffs, solar panels and more.  

Customers who are experiencing financial difficulty or having trouble paying their energy bills are asked to please call our team on 1800 372 372 or email service@electricieland.ie .