Energy supplier Energia has announced a cut in its home energy prices.
Those on the company's Smart meter plans will see unit rates cut by 20%, equivalent to a €357 reduction a year on the average annual bill.
Dual fuel electricity and gas rates will also fall by 20%.
This will translate into an average saving of €682 a year based on the average annual bill.
Standard electricity rates will drop by 15%, leading to a saving of €305 a year based on the average annual bill.
Gas unit rates are to be cut by 20%, with the average annual bill set to decrease by €325.
The reductions will kick in from October 3.
Energia has 261,000 residential gas and electricity customers in the Republic of Ireland.
"The wholesale market has experienced significant volatility over the past two years and we have worked at all times to mitigate the challenges of these costs for our customers," said Gary Ryan, Managing Director of Customer Solutions at Energia Group.
"This price reduction is a positive step," he added.
He added that the company continues to review energy market pricing and is committed to providing customers with the best possible value into the future.
Energia said its existing customer supports will remain in place to provide customers who have difficulties making payments with any required assistance.
Last October the company increased its electricity prices by over 30% and its gas prices by almost 50%.
That rise followed another hike in April 2022, when its gas and electricity prices rose by almost 20%.
The move is the latest cut in energy rates by suppliers, as they all come under increasing pressure to reduce prices in the wake of falling wholesale costs.
To date Energia is the largest provider to reduce what it charges.
On Monday, Pinergy said it was cutting its standard electricity prices by 9.5%.
"This is obviously welcome news and yet another sign of some normality returning to the energy market. It's likely all the other main suppliers will announce similar drops over the coming weeks," said Daragh Cassidy, Head of Communications at Bonkers.ie, speaking about the Energia move.
"However even after today's reduction, Energia’s prices remain very high and way higher than the EU average. Prices are falling, but they’re falling from really high levels to begin with."
Eoin Clarke, Commercial Director of Switcher.ie also said the news would be welcomed by customers.
"These price drops come shortly after the arrival of the first new provider in the market for four years - Yuno Energy - with discounted unit rates of 38.04c per kilowatt hour," he said.
"But with energy prices here still at record highs, coupled with ongoing inflation and the return of our VAT rate to 13.5% - it's more important than ever for hard pressed households to ensure they’re getting the best deal on their gas and electricity."
