Energia, a leading energy supplier, is taking a significant step by reducing home-energy unit rate prices by up to 20% starting from October 3. This move puts pressure on other major energy suppliers such as Electric Ireland, Bord Gáis Energy, and SSE Airticity to follow suit and decrease prices for households.
This decision by Energia is expected to initiate a round of price cuts, likely to begin as early as next week. Consumers have expressed frustration towards larger suppliers who have failed to reduce prices despite benefiting from a significant fall in wholesale prices.
As we enter the colder and darker autumn months, there is a growing demand for price reductions due to the expected increase in energy bills.
Energy experts caution that even with similar reductions from all suppliers, this winter is still expected to be costly. The sharp rise in energy prices over the past two years has left Ireland with the highest electricity prices in the European Union.
Daragh Cassidy, an expert at price-comparison site Bonkers.ie, believes that other suppliers will announce similar price drops in the coming weeks. However, he points out that even after this reduction, Energia’s prices still remain considerably higher than the EU average.
Energia emphasizes that the decision to reduce home energy prices demonstrates their ongoing commitment to providing the best value and service to customers. Customers on the Energia Smart meter electricity plan can expect a 20% reduction in unit rates, resulting in an average saving of €357 per year.
The savings aren’t limited to those with smart meters. Energia Smart dual-fuel customers will also enjoy a 20% reduction in electricity and gas unit rates, leading to an average annual saving of €682. Furthermore, Energia electricity customers will see their unit rates lowered by 15%, resulting in a saving of €305 per year based on the average annual bill.
Similarly, the company’s gas customers will experience a reduction of 20% on their unit rates, which translates to an average annual reduction of €325. Energia has a considerable customer base, with around 160,000 electricity customers and 60,000 gas customers.
Pinergy is the only other supplier to have reduced residential prices thus far. Their latest price cut of 9.5% in the unit rate will save an average family approximately €220 per year, including Vat. There is hope that consumers will witness further reductions in energy bills in the coming months as the market is shaken up by new entrant Yuno Energy, which promises savings of over €500 per year by closely monitoring customers’ energy usage at home.
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