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Nine News: Kate Egan reports on the scaling back of price increases by Bord Gáis and the ESB as fuel prices fall globally
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Six One News: Tom Reeves, Energy Regulator, discusses today's decision on energy prices which comes after large price rises were sanctioned for both electricity and gas earlier this year
Bord Gáis earlier confirmed that it would be reducing the price of gas by 10% from 1 February following an agreement with the energy regulator.
It says this will lead to a saving of €120 a year for the typical residential customer. It had increased prices by almost 34% on 1 October.
And ESB prices for domestic customers will now increase by 12.6% from 1 January instead of the almost 20% rise originally planned.
Prices for small and medium enterprises will now rise by 12.5% and large industrial users by 12.2%.
The CER said the main reason behind today's decision has been the 'significant and consistent reduction' in fuel prices on the international markets where both ESB and Bord Gáis purchase their fuel.
