Bord Gáis Energy has said prices are to come down further for its customers from the end of next month.
The change is its second price reduction in four months, and it comes just two days after Electric Ireland announced its second price cut this winter.
The Bord Gáis Energy changes mean its customers will see a 10% reduction in their electricity unit rate, a 9.5% reduction in their gas unit rate, and an 8% reduction in their standing charge from February 29th.
The price reductions will automatically be applied to 600,000 residential customers.
The changes mean a residential dual fuel customer will save an estimated €331 per year, the company said.
Electricity only customers will save €190 and gas only customers will save €141 a year.
Bord Gáis Energy has said these reductions mean its customers "will have the lowest standard variable dual fuel prices in Ireland."
The reductions will also be available to those switching to Bord Gáis Energy.
'Prices continue to stabilise'
Bord Gáis Energy Managing Director Dave Kirwan said the reduction comes after another price drop in November.
"Today’s announcement marks our second reduction in just four months, and it means that Bord Gáis Energy will be number one in the market for value," he said.
"These reductions combined with the November price drop will result in dual fuel customers saving almost €1,000 per annum on their bills.
"Despite some volatility remaining, wholesale energy prices have continued to stabilise, and our careful hedging strategy has meant we can pass on today's savings," he added.
Following Russia's invasion of Ukraine in 2022, sanctions were imposed on Russian fossil fuels and there was significant disruption in the international energy market.
Prices across Europe surged and the Government introduced a series of measures to mitigate the high cost of keeping the lights on.
In Autumn 2023, energy companies announced their prices would drop and Bonkers.ie spokesperson Darragh Cassidy said there will be further reductions in the months ahead.
