Electric Ireland will reduce its electricity tariffs for small and medium enterprises in the Republic of Ireland by an average of 10% from next month.
Gas prices for these businesses are set to fall by an average of 15%.
However, the energy company said it is very difficult to project the trajectory of residential electricity and gas prices but it will continue to keep rates under review.
Electric Ireland told these business customers that the reduction is the result of a decrease in the cost of wholesale energy prices.
They said the exact changes will vary depending on the price plan of each business and on how much electricity and gas it uses.
However, correspondences to companies seen by RTÉ News shows that electricity cost reductions of up to 15% have been offered to some businesses.
A spokesperson for Electric Ireland said while wholesale markets have fallen in recent months, they remain at levels substantially higher – at multiples of their levels – prior to the crisis
Minister for Finance Michael McGrath said this move from Electric Ireland taken together with the changes to the Temporary Business Energy Support Scheme is good news for businesses.
He said that while pricing is a commercial matter for energy companies he was hopeful that positive market trends will be reflected in price cuts for all customers including households in the very near future.
The passing on of wholesale reductions to under pressure homes cannot come soon enough, he said.
The Central Statistics Office reported last week that wholesale energy prices were 19.5% lower in January compared to the same month last year.