Power NI change to rates
Power NI, Northern Ireland’s leading energy company, has today announced that following increases in wholesale electricity costs, it is to increase prices by 13.8% from 1st October.
The increase, which is agreed with the Utility Regulator, is being driven by rising fuel costs used in electricity generation such as gas, which has increased by 30% in the last year.
The company has revealed that even after this change, Power NI prices are lower than they were five years ago and still significantly below the main suppliers in GB, the Republic of Ireland and across Europe.
Stephen McCully, Managing Director of Power NI, said: “Putting our prices up is the last thing we want to do, but unfortunately we are at the mercy of fluctuating world fuel prices. Gas, the main fuel used to generate electricity here, has increased significantly by 30% since we last set our prices.
“We’ve worked through a rigorous process with the Utility Regulator and our customers can be sure that although unwelcome, this increase is as low as possible and our prices are still cheaper than they were five years ago.”
*Typical annual bill based on 3,200 KWh inc 5% VAT. 'Real' prices accounts for inflation over time.
Power NI supplies over 58% of local homes and has said that the increase will add £1.33 a week to a typical household bill*.
Power NI has help available to customers to save money through a range of discounted payment offers and services. An online billing with monthly direct debit discount of up to £60 is on offer and Keypad customers get uncapped discounts, along with free electricity when topping up £50 or more via the Power NI website or free app. Other help available to customers is a free online Home Energy Check which gives a personalised report on how to save energy and money. Details of all help can be found at www.powerni.co.uk/pricing
Businesses and Farms are subject to the same underlying price drivers, but as many are on personalised contracts with either a market tracker or a fixed price deal, the increase will vary depending on contract type and tariff. Electricity prices for smaller businesses in Northern Ireland are amongst the lowest in Europe and also much cheaper than the Republic of Ireland and across Europe. There are a number of ways Power NI Business and Farm customers can reduce energy costs with discounts; savings from switching tariff; free energy saving advice and grants available. Details of all help can be found at www.powerni.co.uk/pricing
*A typical bill based on annual consumption of 3,200kWh inc. 5% VAT will go up by 19p per day, £1.33 per week. Customers will see the price change take effect from their first full quarter bill following the increase.