Taking effect from March 1, the company have announced plans to cut prices by 8%, and gas prices by 7%, which will benefit the provider's 1.1 million household customers.
The company have confirmed that the residential electricity unit rate and standing charge is to fall by 8%, which will lead to savings of €152.78 on the average bill for electricity.
They have also added that the unit rate and standing charge will decrease by 7%, leading to a reduction of €111.29 per year for the average gas bill.
Electric Ireland have stated that these changes will lead to the lowest estimated annual bill in the market for standard electricity tariffs.
These cuts also mark the second made by Electric Ireland following a stabilising in prices in light of Russia's war with Ukraine.
The company's chief executive Pat Fenlon said, "We are acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years".
"Following a reduction of 10% in electricity and 12% in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2% in electricity and 18.2% in gas prices within a four-month period", Fenlon added. "This will mean a saving of circa €692.81 per annum".
