SSE Airtricity is the latest energy supplier to cut its prices in a move that will benefit around a quarter of a million electricity customers and 90,000 gas customers.
The supplier is decreasing its residential electricity prices by 12.8% and its gas prices by 11.5% from 1st February 2024.
The decrease will automatically apply to all customers on a variable tariff. However those on fixed-rate tariffs will see no change.
The decrease will see the average household save around €210 a year on their electricity costs and around €150 a year on their gas.
SSE Airtricity only last reduced its prices in November when it cut its electricity prices by 12% and its gas prices by 10%.
Head of Communications with Bonkers.ie Daragh Cassidy says its a gradual improvement even as prices remain very high:
"Over the past year or so we’ve seen wholesale gas and electricity prices ease significantly, albeit from very high levels, and this is now being passed on to consumers which is obviously good news.
“SSE only decreased its prices in November so it has to be given credit for dropping prices again so soon. Christmas has come early for its customers it seems. And this latest price drop will definitely put pressure on all the other suppliers to reduce their prices by similar amounts over the coming weeks.
“However, even after today’s reduction, which is SSE's second in just three months, its standard electricity prices remain around 85% above where they were in 2020 before Covid and then the war in Ukraine wreaked havoc with energy prices while SSE’s gas prices are still around double normal levels. And it’s also a bit disappointing that SSE hasn’t dropped its standing charges - though these are among the lowest in the market already.
“Regardless, we are slowly but surely seeing energy prices fall to slightly more manageable levels. But we're still quite a long way from normality and our electricity costs in particular remain way above the EU average.”
