Residential customers of the ESB will see their electricity bills reduced by 5.4% from November 1st this year.
There will be a reduction of 10% for medium sized businesses, almost 6% for small businesses, and for ESB's 1.9 million residential customers a reduction of 5.4%.
This will lead to an average yearly saving of €50 for ESB's 1.9 million residential customers.
Small business customers bills will fall by 5.9% and medium businesses will see 10% reductions.
According to the Commission for Energy Regulation (CER) the reductions reflect lower gas prices.
Last July the ESB chairman Tadhg O'Donoghue signalled that ESB would like to reduce electricity prices by 5% to 10% next year.
The changes will be implemented two months earlier than usual, and coincide with the start of the Single Electricity Market for the island of Ireland.
Meanwhile, last Monday the CER said household gas prices would fall by almost 10.6% from October.
The CER has also approved a new tariff structure for gas which it says will make bills more reflective of consumption.
