Around two million households nationwide are set to benefit from a decrease in electricity and gas prices from today.
Electric Ireland, SSE Airtricity and Prepaypower will see their electricity and gas prices fall by between 10% and 13.5%.
Customers of Flogas and Bord Gáis Energy will also see prices drop by around 30% and 15.5%, respectively, from Monday November 6th.
The decreases mean the average Electric Ireland customer will save just over €200 a year on their electricity bills, while the average Bord Gáis Energy customer will see their gas bill drop by almost €300 a year.
Despite the price drops, energy prices this winter will still be around double normal levels and will remain among the most expensive in all of Europe.
According to recent data from Eurostat, Irish gas prices are the fifth highest in the EU at almost 25% above the EU average.
Bonkers.ie Head of Communications Daragh Cassidy said the price drops will be a welcome relief for many.
“It’s been a while since we’ve had some good news on the energy front," he said.
"As we head into winter when energy bills in the home usually skyrocket, these price decreases will be a massive relief for many households.
"Along with the price decreases, the other good news is that suppliers are competing properly for new customers again.
"Not as aggressively as before perhaps, but there are good discounts on offer to those who switch which will help households save even more on their bills.
"We’ve also seen a new supplier, Yuno Energy, enter the market offering the cheapest electricity deal.
"Looking forward, barring another energy shock, we should see prices fall by around another 10% to 15% at some stage next spring as suppliers' hedging strategies further unwind," he added.