Energy supplier, Energia, is cutting its charges for domestic electricity and gas customers.
The company is reducing its electricity prices by 7.5% and its gas costs by 5%.
The changes, which will kick in from March 1st, will result in savings of €129 on the average annual standard electricity bill.
While gas customers will save €65 on their average annual bill.
The decreases apply to its smart meter electricity plan, its smart meter dual fuel plan and its standard electricity, gas and dual fuel offerings.
However, standing charges will remain unchanged, although Energia claim they are among the lowest in the market.
Energia has 300,000 customers in the Republic of Ireland.
It is the second time in six months that it has reduced its domestic energy prices, with the last one coming in October when prices were lowered by 15-20%.
“This reflects our ongoing commitment to provide the best possible value and service for customers,” said Gary Ryan, managing director of customer solutions, Energia Group.
“While these further reductions are welcome, we will continue to provide customers who might be experiencing difficulty with support.”
“We continue to work with St Vincent de Paul, MABS, Alone, as well as other charities and urge customers to always contact us to find a solution.”
Today’s move follows similar cuts by most of the other main suppliers in the Irish market.
Last week Bord Gais Energy reduced its electricity rates by 10% and its gas prices by 9.5%.
That came just days after Electric Ireland, which is the biggest provider in the market, lowered its charges.
“It’s the second rate cut in six months for Energia customers, which is good news after a long, chilly winter, but it may provide cold comfort for Irish households who’ve weathered a storm of price hikes over the last couple of years,” said Eoin Clarke, energy expert at Switcher.ie.
The reductions are being made possible by the moderation in prices for energy on the wholesale markets which soared during the pandemic and as a result of the start of the Ukraine war.
In October 2022 Energia increased its electricity prices by over 30% and its gas prices by almost 50%.
That rise followed another hike in April 2022, when its gas and electricity prices rose by almost 20%.
