It says the total cost for a typical customer (€1,415 per year) will now be €500 cheaper than the average standard rates from other electricity suppliers.
It comes as other electricity and gas providers announced plans in recent weeks to cut their unit prices. Bord Gáis is reducing its electricity unit rate prices by 10% and gas by 9.5% which comes into effect on February 29.
Bord Gáis said the latest reductions in both gas and electricity pricing will mean dual-fuel customers will save around €330 a year.
Electric Ireland also said that it will reduce its electricity prices by 8% from 1 March, with the standing charge going down by the same percentage.
Its gas prices are also coming down – by 7% – with the gas standing charge falling by the same percentage.
The reductions will mean Electric Ireland’s residential electricity customers will save an average of €153 this year.