Both corporations will begin to reduce on April 1st. Prepay Power provides 60,000 gas consumers and 180,000 electricity customers.

They claimed that the reduction would result in a €247 savings for the average dual fuel client, who uses both the company's gas and electricity, based on average yearly use.

The business offers Pay as You Go (PAYG) services, which let clients top off often in small quantities whenever it's convenient for them.

An average user of Prepay Power saved €136 annually (6.7%) as a consequence of lower power unit rates and standing costs.

The annual average petrol bill was lowered by €111, or 6.6%.

Following a 13.5 percent drop in gas unit rates and a 12.8 percent drop in electricity unit rates in November, this is the second decrease the firm has made in recent months.

“We are delighted to be able to announce this latest decrease for our customers,” stated Cathal Fay, chief executive.

“After recently announced price reductions by other suppliers, we continue to offer competitive PAYG rates to our customers, including the lowest electricity standard unit rate in the market, along with our app that allows the customer to control costs and save.”

Concurrently, Pinergy declared that starting on April 1, 2024, its normal household power rates will get their third price reduction in the previous 13 months. This comes after drops in March 2023 and October 2023.

The average household cost will drop by 8.4% as a result of this most recent price cut, or €183.12 (VAT included) yearly in an Estimated Annual Bill (EAB) based on a residential customer utilising normal consumption annually on standard rates.

“We are now pleased to announce a third decrease in just over a year for all our residential customers as wholesale electricity pricing has further eased in recent months,” Pinergy CEO Enda Gunnell stated in response to the most recent price reduction. However, the energy crisis is here to stay due to inflated and sometimes unstable power markets.

“As a nation, we must hasten the switch to cheaper, greener renewable energy for all. We are happy to be able to maintain our 25c per kWh microgeneration incentives for customers who export excess power from solar panels and other micro-generation technologies as part of the energy transition.”