Power NI rate change

Thursday, August 15, 2019

Power NI, Northern Ireland’s leading energy company, has today announced an increase in prices of 6.1% from 1st October adding 67p a week to a typical household electricity bill[1].

The rate change, which is agreed with the Utility Regulator, is due to increases in costs coming from the electricity network provider and the market operator, which impact all electricity suppliers. 

Stephen McCully, Managing Director of Power NI, said:  “We work very hard to keep our prices as low as possible.  Unfortunately, like all suppliers, we have no alternative but to pay these increased network and market charges, which have a knock-on effect on our prices.

“Having been through a rigorous process with the Utility Regulator, our customers can be sure that although unwelcome, this increase is as low as possible.  In fact, Power NI presently has the most competitive rate in the market for customers without tying them in to a fixed term contract.” 

The company, which supplies 57% of local homes, has revealed that even after this change, Power NI prices are significantly below the main suppliers in GB, the Republic of Ireland, across Europe and are £80 cheaper than they were ten years ago.

Stephen McCully added: “As we did a few years ago, should costs fall, that will be reflected in our prices at the earliest opportunity.”

Power NI helps customers to save money through a range of discounted payment schemes and services.  The company says that customers can cancel out this increase with discount of 6%, up to £60 a year, on offer to bill paying customers with online billing and monthly direct debit. Pay as you go Keypad customers get uncapped discounts, along with free electricity when topping up £50 or more using the free Power NI app or website.  Customers can also get 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 here.

Businesses and Farms are subject to the same underlying price drivers, but as many have 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 cheaper than in the Republic of Ireland and the rest of the UK.  There are a number of ways Power NI Business and Farm customers can reduce energy costs through a range of discounts, with free energy saving advice and grants also available.  Details of all help can be found here.

[1] Typical bill based on annual consumption of 3,200kWh including 5% Vat = £600