Minister for Energy, Alex White T.D., today (Tuesday) welcomed Bord Gáis Energy's (BGE) announcement that it is to reduce its residential gas unit rate by 2.5%, and its electricity unit rate by 2%, from 1st October 2015. BGE estimates that the price reductions will reduce annual domestic energy bills by €44.59, or by nearly €100 when added to earlier BGE price cuts.
Minister White said: "BGE's further welcome move on prices comes in advance of heavier winter energy demand, and I hope other energy suppliers will follow. It is hugely important that consumers shop around to ensure that they get the best price. I would encourage all consumers to do so. Even if consumers don't want to change supplier they can call their supplier and seek the best available package on offer."
Earlier this year Minister White concluded a series of meetings with the energy suppliers to discuss the speed with which wholesale energy price reductions were being reflected in household bills. Most suppliers reduced their prices earlier this year and suggested further prices could be possible this Autumn if market conditions allowed. BGE's Autumn reduction suggests that conditions are right for price reductions which will be welcomed by all families and businesses.
Note to Editors
Neither the Minister nor the regulator (the Commission for Energy Regulation) have statutory powers to compel energy suppliers to reduce prices.