Electric Ireland is cutting its prices for both gas and electricity.
1.1 million customers are set to benefit as electricity tariffs are cut by 10 percent and gas by 12 percent.
It represents a combined saving of €428 for the firm's dual-fuel customers.
However, the new rates won't come into effect until November 1st.
According to the energy supplier, the decreases - in both the unit rate and standing charge - equate to a saving of €17.67 per month on the average electricity bill and €18.06 per month on the average gas bill.
The figures are 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 €212.06 and its residential gas customers will save an average of €216.67 on annual bills.
This is a combined annual reduction of €428.74 for Electric Ireland’s dual fuel customers.
Commenting on the price reduction, Pat Fenlon, Executive Director, Electric Ireland said; “We are pleased to announce that we will be reducing unit rates and standing charges by 10% for our electricity customers and 12% for our gas customers this winter.
“We know that the last two years have been particularly hard for our customers, given the impact of much higher energy prices following the Russian invasion of Ukraine.
"While unprecedented international wholesale prices have fallen in recent months, Electric Ireland’s customers were not exposed to the extremes of these prices as a result of hedging strategies.
"However, wholesale gas prices remain c.300% higher than they were in 2020 which is continuing to impact customer bills.”
He continued to say that "customers who pay by direct debit and opt for e-billing can achieve further automatic discounts – an additional enduring discount rate of up to 8.5% for dual fuel and 5.5% for electricity customers.
"We also have flexible payment plans for those who are struggling to pay their energy."
The new Electric Ireland rates are due to come into effect on November 1st.
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