Which company provides the cheapest gas and electricity in the country at the moment?

After nearly two years of high bills, it is more important than ever to make sure you are with the right provider.

Bonkers.ie spokesperson Darragh Cassidy said things are “looking a lot better” than last year but people should still expect to receive a “few nasty bills” this winter.

For those looking for the cheapest rate for electricity, Mr Cassidy said there are two options.

“It’s around 29 cents per kilowatt hour - including VAT - and that’s on offer from Yuno and Flogas,” he told Lunchtime Live.

“Do, if you sign up to them, it’s not going to change for the year - that’s the best deal that’s publicly available.

“Sometimes you may be able to negotiate a separate deal privately with the supplier… but around 29 cents is the best electricity rate at the moment.”

Electricity Pylons silhouette against a dawn sky at Ringaskiddy, County Cork. Image: David Creedon / Alamy Stock Photo

For those considering switching their provider, Mr Cassidy said it is best to wait until your current contract comes up for renewal.

“You can move out of your contract if you want with gas and electricity,” he said.

“It’s usually a €50 penalty if you just have gas or just have electricity and it’s usually a €100 penalty if you have gas and electricity.

“Sometimes though, it can be higher if you’re breaking out of a fixed tariff contract.”

'Not really out of the woods'

Providers cut their prices in the autumn and Mr Cassidy said he can “almost guarantee” there will be further reductions in the coming months.

“In December, SSE electricity announced its second price decrease - which will come into effect in February,” he said.

“I’d expect the other suppliers to respond over the coming days and weeks - so, that would be the second round of price decreases.

“I think, looking at where wholesale electricity prices are at the moment, we’ll hopefully see a third round of price decreases, probably in the second half of this year.”

That will mean prices should be around a third lower than they were at their peak but will still be around 40-50% higher than they were before the crisis.

It all means the energy market is “not really out of the woods just yet” and each household will receive a further €450 in financial support from the Government.

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Main image: Euro banknotes beside a radiator.