SSE Airtricity is the latest utility provider to announce price reductions, saying it will cut its electricity and gas prices from 1 November.

The company said its standard household electricity unit rates will fall by 12%, while its gas customers will see standard unit rates reduce by 10%.

It said the price cuts will see a typical dual fuel customer save €384.55 (including VAT) a year.

SSE Airtricity provides energy to more than 700,000 homes across the island of Ireland.

Klair Neenan, Managing Director of SSE Airtricity, said the company is acutely aware of the pressure people have been experiencing with the cost-of-living crisis, adding that it recognises that this continues to be a difficult time for many.

"We've worked hard over the last 18 months to shield our customers from the impact of record wholesale costs through our approach to buying energy," Klair Neenan added.

The company said it will continue to extend its product offering to meet the differing needs for its customers.

It said it plans to introduce a new fixed tariff product in the coming weeks that will provide price value and certainty for customers who wish to avail of it.

Last year SSE Airtricity became the first supplier to announce it would forego profits in favour of supporting customers through the cost-of-living crisis.

It also set up a customer support fund, valued at €25m, which included charitable donations of €1m to SVP and the development of warm referrals programmes with MABS and ALONE.

Electric Ireland yesterday announced a 10% cut in electricity prices and a 12% reduction in gas charges.

The changes will take place from 1 November and will benefit the utility provider's 1.1 million customers.

The move by the energy companies comes after weeks of political and consumer pressure on all the energy suppliers to act on falling wholesale costs by cutting prices.

Last week Energia said it was reducing its prices from October by around 20%.

Pinergy last month said it was cutting its standard electricity prices from 1 October by 9.5%, following a reduction in March.

It is also expected that a recent new entrant to the market, Yuno Energy, will increase competition and therefore help drive prices lower.

But despite the start of a downward trend, experts predict any cuts for this winter will be modest, because wholesale prices remain so elevated.

Ireland currently has the highest electricity prices in Europe, 80% above the average, and the fourth highest gas prices, recent figures show.

Minister for Public Expenditure Paschal Donohoe said the price reductions are to be welcomed but added that "they have to only be the start".

"Prices went up by a very significant amount over the last 12 months," he said.

Minister Donohoe said the cuts "should be the beginning of the journey to see that as energy prices across the world stabilise and fall that the full benefits are passed on to Irish households and businesses".