The Utility Regulator today welcomed the 14.1% decrease in regulated electricity tariffs, announced by Power NI, saying it is a visible sign that regulation is working for Northern Ireland consumers. The tariff decrease applies from 1 October 2012 to Power NI electricity consumers.
Commenting on the announcement, Utility Regulator Chief Executive, Shane Lynch said:
“Today’s announcement is good news for consumers. I’m delighted that regulated electricity prices are reducing for domestic and small business consumers. The reduction represents a saving of £83 per year for a typical domestic consumer. This shows that our regulation is working effectively for consumers.
“Following this price decrease, regulated domestic electricity prices in Northern Ireland will be below the GB average and around 15% cheaper than current ROI prices*.
“Other suppliers in the market are now likely to review their prices in light of this announcement. Consumers are free to choose their electricity supplier and I would encourage them to explore the choices available to them.
“As always, we will continue to monitor wholesale fuel costs and any significant changes in these costs that could result in a tariff review.”
Today’s announcement is part of 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.
* Taken from Table 5.6.2
Notes to editors
• The Utility Regulator is the independent non-ministerial government department responsible for regulating the electricity and gas industries and water and sewerage services in Northern Ireland.
• Links to a Q and A document answering key questions on the announcement and a briefing paper explaining electricity tariffs can be found above.
• This tariff decrease is for Power NI electricity consumers only.
• From 5 June 2012, and following the introduction of new IT systems, consumers in Northern Ireland were given the unlimited ability to switch electricity supplier.
• The reduction in the wholesale cost of electricity has been driven mainly by a fall in international commodity prices.