Electric Ireland is to cut its residential electricity prices from next month.

The supplier says its standard residential charge for customers will drop by an average of 2% from November 17th.

The change will mean an average saving of €25.27 per year, the company says.

The executive director of Electric Ireland, Jim Dollard, said: "We are happy to be able reduce prices for our residential electricity customers as we approach winter."

"We are committed to offering the best value products in a very competitive market place and I believe today's announcement will be good news for our 1.2 million residential customers," he added.

An Electric Ireland spokesman told Newstalk the change is due to a reduction in the unit price of electricity.

While this is due to a range of factors, it is mainly down to changes in the wholesale cost of electricity.