According to the Irish Times, gas will be 12 per cent cheaper, while electricity is set to cost 10 per cent less.

The newspaper explained the Commission for Energy Regulation predicts it will be able to pass on a further saving of ten per cent in the winter – as long as the price of wholesale gas remains low.

Costs have dipped for suppliers recently, thanks in part to the strength of the euro over the pound.

Wholesale gas prices are currently low and, as they are traded in sterling, favourable for Irish firms.

Energy companies also managed to buffer their bank balances during winter, when high demand at an inflated price brought strong revenue, according to the newspaper.

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