Electricity prices will drop by up to 5%, while gas prices will decrease by 3%, offering households annual savings of between €40 and €85.

Additionally, Electric Ireland has confirmed it will not pass on the planned price hikes scheduled for all electricity suppliers next month.

The Commission for the Regulation of Utilities recently approved a €100 annual increase in electricity bills to support grid development, but Electric Ireland has opted not to apply this to households, putting pressure on other providers to follow suit.

Customers don’t need to take any action, as the new discounted rates will automatically be applied to their accounts by the end of next month.

Electric Ireland is also providing a 5% discount for customers on smart meter tariffs to encourage wider adoption of the technology.

In March, Electric Ireland reduced its electricity prices by 8% and gas prices by 7%. The company serves around 170,000 gas customers.