HOUSEHOLDERS are set to benefit from a string of price cuts, and new discounts being offered by one of the leading suppliers.
But there are warnings that these could be the last of price reductions for a while, as oil prices have started to rise after falling for close to two years.
From tomorrow, Bord Gáis is lowering its electricity and gas prices for consumers, while Electric Ireland’s gas prices will fall.
Electricity prices for Bord Gáis customers will fall by 5pc from October 1, for a saving of €47.50 over a year.
And gas prices are falling by 2.5pc, for a saving of €20.
Electric Ireland is cutting the price of gas for its residential customers from October 1.
The 5pc cut will mean savings of €40 a year for the average customers.
It is the third time the company has cut gas prices in the past 18 months.
The move comes after Electric Ireland’s parent company, the ESB, reported it made operating profits of €287m last year, although this was down on the previous year.
Profits at the ESB’s Electric Ireland division rose by €32m to €57m, due to lower wholesale electricity prices.
Energia has improved its electricity and dual-fuel discount offers for those who switch to it through comparison services, such as Bonkers.ie or Switcher.ie.
The new offer for electricity will be €50 better than its best previous discount.
For dual-fuel customers, there will be a saving of €52 over their previous best offer, with a typical customer likely to spend €1,743 a year, according to calculations by price comparison site Bonkers.ie.
Energia’s dual-fuel bundle will give households discounts of 25pc on electricity and 24pc on gas, which equates to an annual saving of €282 on standard rates.
Energia is also introducing retention discounts for existing customers, of 18pc for electricity and 17pc for gas.
One of the newest players in the market, Energia has not cut its standard rates and has instead concentrated on offering discounts to those who switch to it.
Irish wholesale gas prices are 45pc lower on average this month compared to September last year, according to an energy index compiled by Vayu.
Wholesale gas prices are down 13pc month on month.
But the deal cobbled together by OPEC members to restrict oil supply is expected to have an impact on wholesale electricity and gas prices.
Simon Moynihan of Bonkers.ie said: “The OPEC deal will have a knock-on effect. It will push everything up.”
He warned that this could put future price cuts for householders here in jeopardy. The next moves could be price rises for electricity and gas consumers, he said.
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