Gas and Power firms announce price cuts for Northern Ireland customers
Energy suppliers in Northern Ireland have announced price decreases following a fall in wholesale market costs. It comes after a Utility Regulator review of the regulated tariffs for Power NI and SSE Airtricity Gas Supply. From April 1, Power NI’s domestic tariff will reduce by 6.3%, or £64 per year, whilst SSE Airtricity Gas Supply’s tariff for domestic and small business customers in the Greater Belfast and West gas areas will reduce by 22.8%, or £320 per year.
An announcement around Firmus Energy’s regulated gas tariff is set to be made next week.
Budget Energy also announced a price cut of 9% for their customers from today. The company which has about 80,000 customers across Northern Ireland announced the price cut last month.
It said the price cut was due to further reductions in energy wholesale costs. The reduction will result in a saving of around £110 per year for a typical prepay customer.
Colin Broomfield, director of markets for the Utility Regulator, said the reductions are “primarily driven by the steady fall in wholesale energy prices”. “In January 2024, the Utility Regulator commenced a review of Power NI’s regulated electricity tariff, and SSE Airtricity and Firmus Energy’s regulated gas tariffs,” he said. “Following our analysis, we have agreed that a 6.3% decrease in Power NI’s electricity tariff and a 22.8% reduction in SSE Airtricity’s regulated gas tariff will become effective from April 1 2024. These reductions are primarily driven by the steady fall in wholesale energy prices. “These reductions will see a typical Power NI’s domestic customer paying £64 less a year. The annual bill for a typical domestic credit customer with SSE Airtricity Gas Supply will decrease by around £320 per year.” Raymond Gormley, head of energy policy at the Consumer Council, said it was welcome news. “We know from our research that most consumers in Northern Ireland are still really worried about home energy prices,” he said. “We urge anyone who is struggling to pay their energy bills or top up their meters to contact their supplier directly for help and support. “Now that there is some change in electricity prices with the regulated and unregulated suppliers, we encourage consumers to use our free online energy price comparison tools to check that they are on the best deal or if they could save money by switching supplier, billing method or tariff.” William Steele, director of Power NI customer solutions, said it is the fourth consecutive tariff reduction by the supplier. “As wholesale prices in the global market have fallen, Power NI has been able to deliver yet another decrease in unit prices for our customers, with our fourth consecutive tariff reduction,” he said. “Despite market volatility we have been able to keep our tariffs below the equivalent Great Britain and Republic of Ireland average, enabling us to continue to provide stability and delivering hundreds of pounds in savings for local households over the last year. “We are continuing to work closely with our charity partners and other key stakeholders across our local communities to provide support to those in need.”
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