The company implemented a number of double-digit price hikes throughout 2022, including a 14% increase in January of this year.

However, the company announced a 7.1% reduction in electricity prices for consumers, representing a decrease of €183 per year off estimated household bills. The price reduction will kick in from 31st of March.

Enda Gunnell, CEO of the company, said: "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."

Pinergy, the smart energy provider is calling on its customers that need additional assistance to contact them as a first step, so they can respond and support them with a range of Energy Supports. The CRU also recently announced the payment of a levy refund of €89.10 per annum (excl. VAT) to customers over a seven-month period from 1st March.

As part of a just energy transition, we are also maintaining our market-leading Clean Export Guarantee of 25c per kWh for our customers who are generating their own electricity and wish to sell their excess back to us,” Gunnell added.

Speaking to reporters, Housing Minister Darragh O’Brien welcomed the price reductions, and said other energy providers “are sure to do what Pinergy has done”.

Daragh Cassidy, head of communications for bonkers.ie, welcomed the news of Pinergy’s price decreases, but also stressed that the company’s electricity “prices were among the highest in the market before today’s announcement.

“This reduction now makes them one of the cheaper suppliers – if you could use that word in today’s market – but its prices are still around 8% above Electric Ireland’s, the biggest electricity supplier in the market,” he added.