The price decrease sees PrePayPower become the second energy supplier to cut its energy prices after Electric Ireland announced a similar decrease just last week.
More good news for consumers on the energy front as PrePayPower has announced a significant reduction in its electricity and gas prices.
PrePay Power is now the second energy provider to announce a rate cut for energy consumers across the residential energy market. So what has changed?
Who is PrePayPower?
PrePayPower is an Irish-owned Pay As You Go (PAYG) energy provider and supplies electricity to in excess of 150,000 customers and approximately 50,000 gas customers.
PAYG energy is designed to give customers more control over their electricity consumption and spending - for more information you can consult our PAYG energy guide.
What’s changing?
PrePayPower has announced a 2.5% decrease on its electricity unit rate for over 150,000 customers.
The energy provider has also announced an 11.5% decrease on its unit rate for gas.
The reductions will mean a combined savings figure of over €97 a year for the average PrePayPower customer who is on a dual fuel energy plan. The savings made by customers whose homes are not well-insulated, however, or which have three rooms or more, will likely be much higher!
The price changes will come into effect from April 1st and will be applied across the board to new and existing customers.
The CEO of PrePayPower, Cathal Fay said:
“We are delighted to be able to pass on this price reduction to all of our customers. They also continue to enjoy the control that our service gives them which helps them reduce consumption when and where they wish.”
Price trends
The news of the price reduction from PrePay has come just after Electric Ireland last week also announced a reduction in its prices - you can get up to date on that story here.
The wider trend emerging is beginning to suggest that energy companies are finally beginning to pass down savings to cash-strapped customers, when at the start of February it was announced that wholesale energy prices were continuing to fall into the new year.
For some context, at this time last year PrePayPower announced a price increase for customers, which was in line with increases from other providers at the end of 2018.
With any luck consumers will begin to see prices fall across the board in the coming weeks with more providers getting on board and announcing price reductions.
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