Bord Gáis Energy announces market leading rates

• Second price reduction in four months announced today.
• 10% reduction in electricity unit rate, 9.5% reduction in gas unit rate, and 8% reduction in standing charge means from 29 February Bord Gáis Energy will have the best value standard variable dual fuel price in the market.
• Customers automatically make significant savings on energy bills by staying with or switching to Bord Gáis Energy

Wednesday 17 January 2024.

For the second time in just four months, Bord Gáis Energy has today announced further energy price reductions that will be automatically applied to its 600,000 residential customers: saving them hundreds of Euro on energy bills.

The 10% reduction in electricity unit rates, 9.5% reduction in gas unit rates, and 8% reduction in standing charges means a residential dual fuel customer will save an estimated €331 per annum*. Electricity only customers will save €190 per annum*, and gas only customers will save €141 per annum*.  All new rates will come into effect from 29 February and these reductions mean that from that date Bord Gáis Energy customers will have the lowest standard variable dual fuel prices in Ireland.

Today’s price reductions will be automatically applied to existing customers but will also available to those switching to Bord Gáis Energy. In further welcome news, reductions announced today are in addition to any existing discounts a customer may be enjoying and all Bord Gáis Energy customers enjoy exclusive access to the Bord Gáis Energy Rewards Club where members are treated to unmissable weekly perks.

Speaking today, Dave Kirwan, Managing Director, Bord Gáis Energy, said:

Today’s announcement marks our second reduction in just four months, and it means that Bord Gáis Energy will be #1 in the market for value. These reductions combined with the November price drop will result in dual fuel customers saving almost €1,000** per annum on their bills.

With this announcement, from 29 February we’ll be best-in-market on dual fuel, gas and standing charges on our standard variable tariffs demonstrating that we’re cutting deeper than our competitors. Despite some volatility remaining, wholesale energy prices have continued to stabilise, and our careful hedging strategy has meant we can pass on today’s savings.

Whilst today’s announcement will be welcome news for all customers, Bord Gáis Energy recognise the last 24 months has been particularly difficult for those struggling to meet their bills. We have shown our commitment, through various initiatives, to ease the financial burden on customers throughout the energy crisis and we continue to do so. We urge any customer concerned about their energy bills to get in touch with us as soon as possible.

*Annual savings figures for gas, electricity and dual fuel are compared against our standard residential gas tariff and our standard residential electricity urban 24 hour tariff on 16 January 2024 and are based on typical annual consumption values of 4,200kWh in electricity and 11,000kwh in gas (as set by the CRU).

**Estimated annual saving figure of €962 for our Dual Fuel customers when compared to our standard variable tariffs in electricity (Urban 24 hour) and gas prior to our price decrease on 9 November 2023 and are based on typical annual consumption values of 4200kWh in electricity and 11,000kwh in gas (as set by the CRU). .

Bord Gáis Energy remains dedicated to providing assistance to customers experiencing financial challenges managing their bill and encourage those facing difficulties to reach out directly for information or visit the official website: Bord Gáis Energy: Gas & Electricity Supplier Ireland (bordGáisenergy.ie).

During the energy crisis, wholesale energy costs surged dramatically and showed unprecedented volatility.  To put this in context, using the average wholesale price of 2021 as the reference point, the wholesale energy price rose over 800% when it peaked during the crisis at 777p. The wholesale price rises were due to a combination of global energy supply shortages due to Russia’s invasion of Ukraine.  Bord Gáis Energy, with its long-term focus on customer care deployed a broad range of protective measures at that time. This included an Energy Support Fund, absorbing losses of €30m, and hiring additional customer care resources.