Energy provider Energia has announced another cut in the cost of its electricity and gas prices for consumers.

Energia said it was reducing its gas prices by 2.5% and its electricity prices by 2%. 

The company said the latest reductions will result in savings of €338 on customers' annual energy bills.

It said the cuts were possible because it is paying less for wholesale gas and electricity.

Part of the Viridian Group, Energia has a workforce of 260 here.