innogy to cut gas prices by 15% and electricity prices by 7% for 350,000 Czech households from December

From the beginning of this December, energy group innogy will cut gas prices by 15% and electricity prices by 7% for around 350,000 households in Czechia. The change applies to customers without fixed-price contracts, innogy said in a press release today. Other energy suppliers in the country have also announced price cuts. For example, from the beginning of next year ČEZ will reduce electricity prices by around 6% and gas prices by 10% for 1.7 million customers. Prague Energy (PRE) has already cut electricity prices by up to 20% and gas prices by 16% for 700,000 customers since September, while E.ON cut gas prices by 12% for 150,000 customers from October.

innogy’s new price lists will apply to households supplied under open-ended contracts with the Standard basic tariff. From 1 December, the price of electricity and gas for these customers will both fall by 360 crowns per megawatt-hour (MWh). The price changes will be reflected automatically in customers’ bills.

According to innogy, an average household in a detached house will save around 5,500 crowns year on year on gas for heating, or 2,900 crowns on electricity. A household in a three-room apartment would save around 3,200 crowns a year by using gas for heating and water heating.

„Throughout this year, we have been passing on falling wholesale prices to our price lists for new customers and existing customers whose fixed-price contracts were ending. We are now also cutting prices for customers without fixed-price contracts,“ said innogy retail director David Konvalina.

„If nothing unexpected happens in energy markets over the winter to drive up exchange prices, our customers will see another round of price cuts in the first quarter of next year,“ he added.

Since the beginning of October, innogy has also once again offered customers its Optimal product, with a three-year fixed term and prices that decrease over time. According to Konvalina, it was the group’s most popular product among customers before the energy crisis.

innogy’s business focuses on supplying natural gas, electricity and heat to customers, as well as combined heat and power generation at its heating plants. The innogy group in Czechia currently includes, among others, innogy Energie, innogy Zákaznické služby, innogy Energo and the parent company innogy Česká republika. The group has been owned by Hungarian energy group MVM since October 2020. Last year, innogy increased its net profit in Czechia year on year from 551 million crowns to 3.47 billion crowns.