A new report has found customers could save up to €360 per year by switching from the most expensive gas and electricity companies to the cheapest.

The Commission for Energy Regulation has also found that more competition and lower wholesale prices were the main reasons for the almost 5% drop in prices in both sectors.

The news came as a report in today’s Irish Examiner suggests Irish consumers are the best in Europe at switching energy suppliers.

According to the Commission for Energy Regulation (CER) annual electricity and gas retail market report for 2015, a total of 106,682 customers switched gas supplier in 2015 — the highest switching rate in the EU in the EU.

A total of 303,187 customers switched electricity in 2015 — the second highest in Europe after Portugal.

David Kerr is the managing director at Irish price comparison site Bonkers.ie and he says people can save significantly by switching to take advantage of the various discounts.

“The discounts last for just 12 months and then they expire and you go on to typically standard rates,” said Kerr.

“The conversation around discounts and what happens when they expire changed a little bit last week with Electric Ireland’s move. They decided they’re going to decrease prices for standard customers and then have perpetual discounts for customers who opt in.”

You can read the report in full here.