Electric Ireland, which is owned by ESB and is still the largest electricity supplier in the country has finally yielded to pressure and will reduce its costs after wholesale prices have fallen by half.
They will offer discounts to existing customers who sign up to pay by direct debit and accept electronic billing. Customers receiving just electricity from Electric Ireland could gain €50 a year by signing up for the deal while those receiving gas and electricity will get a discount of 8.5% which could be as much as €114 per year.
These new discounts for existing customers are in addition to the 6pc cut in standard rates for Electric Ireland electricity that it is applying next month.
Energy experts said the offer to existing customers represents a new departure for an energy company. Up to now, discounts have only been available to new customers who switch around the market. Customers will have to make contact with Electric Ireland by phone or online to get the new deal. Electric Ireland said the deal will then apply every year.
You can now expect healthy competition in these utilities.