Electric Ireland said it will cut its standard, residential electricity prices from the middle of November.

The company said it would apply a 3% reduction to its unit rates, though its standing charges would rise by 50c per month.

This would lead to an overall reduction of around 2% for the average customer, Electric Ireland said, which would mean an annual saving of €24.11.

Rival supplier announced cuts to its gas and electricity prices in June, which followed price cuts by Bord Gáis Energy and SSE Airtricity at the start of the year.