Electric Ireland is cutting energy costs for small and medium sized businesses from next Wednesday, March 1st.
The country's largest electricity supplier will be reducing prices by up to 15 per cent for these types of firms. The average cut will be 10 percent, in an effort to address rising energy costs.
The decrease come as a result of a fall in the cost of energy on international markets with prices currently standing at around 20 per cent less than they were this time last year.
However, Electric Ireland said it would not be passing cuts on to domestic customers but would keep its rates under review.
The company maintains that it offers households the best value. “As February 1st 2023, Electric Ireland offers the lowest estimated annual bill for electricity on the market,” it said.
Enterprise Minister Simon Coveney has welcomed the move, saying the cuts will "support SMEs in the months ahead."
Charlie Weston - personal finance editor with the Irish Independent - says there are no immediate plans to introduce reductions for households.
He said: "This will be pretty annoying for people as the average cost of electricity for a year in a household has doubled to about 2000 euros, similar for gas but it seems as if consumers will have to continue to wait for a reduction from Electric Ireland in prices"
The Irish Small and Medium-Sized Enterprises Association has also welcomed the news, but says it's not enough.
Finbarr Filan from ISME says prices have sky-rocketed, and more needs to be done to help businesses not only survive, but thrive.
He said: "All small and medium business owners would welcome the fact that we're seeing a reduction, it's a pity that's it's only a 10 percent reduction.
"In my own personal case, the electricity costs for my business have gone up by 200 percent.
"So, we would see this as the start of the process to reduce energy prices for all businesses around the country, not only small businesses but also we need to see it rolled out to householders as well".