Power NI price change

Wednesday, May 22, 2013

Power NI, Northern Ireland’s leading energy company, has announced that it is increasing prices effective 1st July as a result of significant increases in the costs of purchasing wholesale electricity.

The announcement means an extra £1.73 per week in electricity costs for a typical household as a result of the 17.8% price increase.

Stephen McCully, Managing Director of Power NI, said:

"We regret having to make the difficult decision to increase prices, especially since we cut prices by over 14% last October.  Prices are roughly back to what they were in 2011, since the previous cut is unfortunately now cancelled out.

"The fact is that so much is dependant upon world fuel costs, which are outside our control and which have a volatile effect on the price we pay for wholesale electricity.

"There is never a good time to increase prices and it is something we do reluctantly.  We were able to cut prices last year when many other UK electricity suppliers were raising theirs and we will always look for opportunities to reduce prices again should circumstances allow."

The company says that customers can help offset the increase by switching to their online billing service, Energy Online with monthly direct debit, which gives up to £60 discount a year.

Stephen McCully added:

"We cannot control external wholesale energy costs, but we can help our customers save money on their electricity – and we are doing so.  As well as giving discount to customers who opt for online billing or payment by direct debit, we recently launched a new scheme for our Keypad customers which gives increasing amounts of free electricity the more they top-up."

Keypad reward gives free electricity in addition to the 2.5% discount Power NI Keypad customers already receive and is available through the company’s website and their free mobile phone app.

The free App makes it easier for Keypad customers to top up on the go and can be downloaded from the App Store or Google play.

Business and farm customers

Non-domestic customers on Power NI’s regulated small business and farm tariffs will also see a 17.8% increase in unit rates, although standing charges will remain unchanged.  Following last years 14.1% reduction, rates have now returned to almost the same levels as in October 2011. This increase will add £5.33 a week for a typical small business on Popular Option with bills of around £400 a quarter. Customers can help offset this increase by switching to online, paperless billing with direct debit which offers 5% discount off the standard rates.  The impact for larger users on personalised contracts will vary depending on the type of contract.