Electric Ireland prices are coming down for electricity and gas customers from November 1st.

The utility says over 1.1 million residential customers will see a reduction in their bills.

Smart Meter Tariff Plan customers will see a 5% reduction in the unit rate and all other customers will see a 3% decrease in electricity and gas unit rates.

This will be Electric Ireland's third price reduction in 12 months.

The company has also confirmed it will not pass on increased network charges to residential electricity customers which are due to come into effect for all suppliers in October.

It said this will save customers an average of €101 on their electricity bill.

Electric Ireland says prices will come down for all customers from November. Image: imageBROKER / Alamy Stock Photo

Electric Ireland said the reduction to Smart Meter Plans "is aimed at encouraging more customers to benefit from smart meter technology, which enables them to optimise their energy consumption."

"These customers will see an annual decrease of between €64 and €75 depending on which Smart Meter Plan they are on," the company said.

"All other Electric Ireland residential customers will see their electricity and gas unit rates reduce by 3%.

"These decreases mean that Electric Ireland's residential customers will save an average of €45 on their annual electricity bill, and an average of €40 on annual gas bills."

'Well over €1,000 a year more'

Bonkers.ie Head of Communications Daragh Cassidy said he can't see much more scope for reductions.

"Although this is Electric Ireland’s third price cut in under a year, its electricity prices still remain over 80% above where they were in early 2021 before supply shocks due to COVID and then the war in Ukraine wreaked havoc with energy prices," he said.

"Its gas prices are over double pre-war levels. This means customers of Electric Ireland will still be paying well over €1,000 a year more for their gas and electricity than they were only a few years ago.

"Of course the recent increase in the PSO levy negates much of the electricity price cut.

"Unfortunately, looking forward, given where wholesale gas and electricity prices seem to be settling, it’s tough to see prices for households falling much further in the short to medium-term at least," he added.

Electric Ireland said the changes could see a combined annual reduction of €85 for dual fuel customers.