Pinergy has become the first Irish electricity company to cut its price in three years, it has been revealed.
The energy provider, which uses pay-as-you-go meters for its customers, has become the first company in Ireland to drop prices, reducing its price by 7.1 per cent beginning at the end of March, the Irish Independent reports.
The decision means that the average household will see a reduction of €183 over the period of a year, or a drop of €30.50 every two-month billing cycle. The move by the provider, which has around 30,000 customers, is the result of a fall in the wholesale cost of gas.
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It comes after multiple increases by the provider, the most recent being an 18 per cent rise in prices announced in December, which came into effect in January. Previously in September, it increased the cost of electricity by 19.2 per cent.
It is hoped the move by the pay-as-you-go provider will spur on larger providers like Electric Ireland, Bord Gáis Energy, Energia and SSE Airtricity as wholesale prices for both gas and electricity have returned to the levels seen prior to the Russian invasion of Ukraine.
Throughout the past two years, the annual electricity costs for households have doubled as the cost-of-living crisis put pressure on households, with Irish energy providers continuously increasing their prices throughout the period.
Chief executive of Pinergy, Enda Gunnell commented: "We had previously committed to reducing electricity prices when circumstances and market conditions allowed.
"With recent reductions in the wholesale costs of electricity, we are now pleased to be able to announce this price decrease.
"We continue to engage with regulators and policymakers to urge reform for energy users, generators and suppliers across the marketplace."
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