Regulator welcomes stability in electricity prices

The Utility Regulator confirmed today the news that the regulated electricity supplier, Power NI, is to make no change to its domestic prices.

Chief Executive, Jenny Pyper said:

“Given the ongoing volatility of electricity costs over the past number of years, no change to electricity prices is a welcome outcome for households, especially as we enter the winter months.  This is in the context of increasing prices in both GB and the Republic of Ireland over the last year.  We are also conscious of stakeholders views that stability in prices is valued and should be delivered where possible.” 

“While today’s announcement provides some certainty for consumers who are trying to manage household budgets, the medium term outlook for electricity prices remains unclear given volatility in wholesale prices due to ongoing geopolitical unrest. We will continue to monitor the costs which impact upon Power NI’s tariff to ensure electricity bills are kept as low as possible.”

“We will also continue our work to provide a choice of suppliers for consumers.  There are now 5 active domestic suppliers in NI, with over 200,000 customers switching since 2010.”

Today’s announcement results from the annual tariff review that is undertaken by Power NI and the Utility Regulator, in consultation with the Department of Enterprise, Trade and Investment, and the Consumer Council for Northern Ireland.