Latest Quarterly Retail Energy Market Monitoring report on NI’s retail energy market published

The  Quarterly Retail Energy Market Monitoring (QREMM) Report for Q3 2021  is the latest of a series of Utility Regulator reports that provide a range of information about the retail energy market in Northern Ireland. This report was previously known as the Quarterly Transparency Report (QTR).

The QREMM report presents data we have collected as part of the Retail Energy Market Monitoring (REMM) framework. REMM requires network companies and suppliers to submit data on a range of indicators to enhance our transparency around market behaviours and regulatory compliance.  We use the information outlined in the report to review the progress and impact of supply competition; build knowledge for regulatory decisions; comply with EU Third Package mandatory requirements on market monitoring; allow other interested stakeholders to understand more readily the activity within our energy markets; and to help promote the interests of consumers.

Quarterly Retail Energy Market Monitoring Report for Q3 2021

  • The semester 1 (January to June) 2021 electricity pricing data is sourced from Eurostat and individual supplier’s submissions under the REMM framework. The pricing data for the period illustrates the following:
    • NI domestic electricity prices (17.7 p/kWh) continued to rank below the EU median (19.2 p/kWh), UK (19.3 p/kWh) and were lower than the Republic of Ireland (22.2 p/kWh).
    • The NI I&C electricity price for the very small connections (which represent c72% of I&C connections) was 18.0 p/kWh, which was higher than the EU median (16.4 p/kWh), higher than the UK (17.6 p/kWh) but lower than the Republic of Ireland (21.8 p/kWh).
    • For large and very large I&C customers (c0.02% of connections) NI prices (10.4p/kWh) were above RoI (9.4p/kWh) but below the UK (12.7 p/kWh).
    • The semester 1 (January to June) 2021 domestic gas prices in NI were among the lowest in Europe at 3.8 p/kWh. This was less than RoI (5.4 p/kWh) and EU median (5.8 p/kWh) but higher than UK (3.5 p/kWh).
  • Market activity in the electricity domestic and I&C sectors continues to illustrate a gradual change in the market dynamics. Power NI (the incumbent price controlled electricity supplier) retain their dominant position with 55.0% of connections in the domestic market and continued growth of the competing suppliers (representing 45.0% of domestic connections, an increase from 44.8% for the same period last year).
  • Overall electricity switching activity in Q3 2021 increased from the previous quarter. Domestic customers continue to engage in the market with over 32,800 domestic switches completed during Q3 2021 and a switching rate of 4%. In the I&C sector, electricity switching saw a decrease during the period with a switching rate of 1.5% (down from 1.9% in the previous quarter), with just over 1,100 switches completed. 
  • In the gas sector, I&C switching activity saw a decrease in the switching rate, down from 2.2% for Q2 2021 to 0.4% in Q3 2021. Domestic switching in the Greater Belfast area also saw a decrease with 155 switches completed in Q3 2021, down from 272 in Q2 2021.

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