Bord Gáis Energy, a leading energy supplier, is set to bring relief to over 600,000 customers by reducing domestic electricity and gas prices. This move follows Electric Ireland’s recent announcement of price cuts for its 1.1 million residential customers, offering a welcome respite amid the ongoing cost of living crisis.
Immediate Savings for Residential Customers
Bord Gáis Energy’s second round of price reductions within four months includes a 10% cut in electricity unit rates, a 9.5% reduction in gas unit rates, and an 8% drop in standing charges. These adjustments translate to significant savings for consumers, with dual fuel customers expected to pocket approximately €331 annually. Electricity-only customers will save €190 per year, and gas-only customers will benefit from €141 in annual savings.
Quote from Bord Gáis Energy’s Managing Director
Dave Kirwan, Managing Director of Bord Gáis Energy, expressed enthusiasm about the announcement, stating, “Today’s announcement marks our second reduction in just four months, and it means that Bord Gáis Energy will be #1 in the market for value.” He highlighted that when combined with the previous price drop in November, dual fuel customers stand to save almost €1,000 annually.
Background: A Positive Trend in the Energy Market
Bord Gáis Energy’s decision to lower electricity and gas prices aligns with a broader industry trend. Electric Ireland, the largest energy supplier in the Irish market, recently reduced prices for both electricity and gas. These reductions, the second in four months, are estimated to save residential customers up to €300 annually.
Ongoing Pressure on Energy Suppliers
Energy suppliers, including SSE Airtricity, are facing mounting pressure to pass on recent reductions in wholesale energy prices. The Central Statistics Office reported a 14.1% decrease in wholesale electricity prices in November compared to the previous year. SSE Airtricity has committed to reducing domestic electricity rates by 12.8% and gas rates by 11.5% in February.
As consumers eagerly await lower energy bills, the industry’s response to wholesale price decreases remains a key focus. Bord Gáis Energy’s proactive approach sets a positive precedent, providing tangible relief for households grappling with the financial strain of the current economic climate.
Source：buzz.ie
