The 1.1 million clients of the electricity supplier will profit from the adjustments, which will go into effect on November 1.

The predicted average yearly payment for electricity will be reduced by €212.06 as a result of the unit rate and standing fee reductions.

The average yearly bill for the company's petrol consumers will decrease by €216.67.

Since wholesale energy costs started to climb as a result of the Ukraine war, Electric Ireland, the largest energy supplier in Ireland, has reduced its pricing for the first time.

Electric Ireland hiked rates three times in 2018, the most recent time in October, and twice in 2021.

“Given the impact of significantly increased energy prices following the Russian invasion of Ukraine, the previous two years have been extremely difficult for our consumers,” according to Pat Fenlon, executive director of Electric Ireland.

“Despite the recent decline in unheard-of global wholesale prices, hedging techniques ensured that Electric Ireland's consumers were shielded from the extremes of these costs.”

“However, wholesale petrol prices remain about 300% higher than they were in 2020, which is continuing to have an impact on customer bills.”

To assist customers who are having trouble paying their bills, Electric Ireland said it had a number of programmes in place, including payment plans and a €5 million hardship fund.

Electric Ireland's action follows weeks of governmental and public pressure on all energy providers to respond to declining wholesale costs by lowering rates.

Energia said last week that it will be cutting its costs by about 20% starting in October.

Following a decrease in March, Pinergy said at the end of August that it will reduce its regular power tariffs by 9.5% beginning on October 1.

Additionally, it is anticipated that Yuno Energy, a recent market entry, would boost competition and help bring costs down.

However, analysts believe that any reduction this winter would be minimal because wholesale costs are still so high, despite the beginning of a downward trend.

Ireland now has the fourth-highest petrol costs in Europe and the highest energy prices in Europe, which are both 80% over average.