Electric Ireland has announced cuts in electricity and gas prices. From 1 November, domestic electricity prices will drop 10%, while gas charges will be reduced by 12%.

The provider's 1.1 million customers are set to benefit from savings of an estimated €212.06 a year on their electricity bill. Meanwhile, gas customers will see their average yearly bill drop by €216.67.

The company's gas customers will see an average annual bill fall by €216.67.

It is the first drop in prices by the Ireland’s largest energy provider since energy coasts begun to grow following the start of the Ukraine War.

Electric Ireland raised their prices three times last year, the latest increase coming in October.

The urge to tell Electric Ireland to shove their 12% reduction up their arse is all the more tempting when you consider energy prices almost doubled to 93% over the last 12 months. This type of paltry tokenism does nothing to help consumers following the news that wholesale… pic.twitter.com/Abf7N2niZs

— Edward White (@Editorialz) September 7, 2023

"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," said Pat Fenlon, Executive Director of Electric Ireland (via RTÉ).

"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 about 300% higher than they were in 2020 which is continuing to impact customer bills."

The company added that it has a range of measures in place which help financially struggling customers, such as their €5m ‘hardship fund’.

Elsewhere, Energia said it was reducing prices by around 20% from October.

Pinergy have also committed to lowering prices, and said its standard electricity prices will be cut by

Despite the apparent start of a downward trend, experts predict any cuts for this winter will be modest, due to high wholesale costs.

Recent data suggests Ireland has the highest electricity prices in Europe, 80% above the average, and the fourth highest gas prices.