Power To The People As Energy Prices Fall

Electricity and gas prices are to drop in Northern Ireland, it has been confirmed.

Phoenix Natural Gas has announced a New Year price decrease of over 20%, whilst electricity customers will see a drop in charges of almost 11% from the beginning of next month.

NIE Energy has confirmed that it is to cut tariffs by 10.8%, and Phoenix Natural Gas has set its price decrease at 22.1%, due to come into effect from January 8.

General manager of Phoenix Supply David Strahan said: "We made a commitment to our customers in September that, should the wholesale cost of gas fall, we would reduce prices accordingly. This is a promise we have kept, and Phoenix is the first major UK gas supplier to announce a substantial price reduction."

Hailing its own reduction as a "promise delivered", NIE Energy said it had been made possible by lower gas and coal prices. It was the massive rises in both commodities around the world that left Northern Ireland consumers with bills that increased by almost half this year.

The prospect of a cut in rates was mooted two weeks ago by the regulator, Iain Osborne.

Northern Ireland Energy Minister Arlene Foster, said the cuts would benefit all consumers but particularly those who are "most vulnerable".

Utility Regulator Iain Osborne also welcomed the move and said he would continue to monitor the situation "on behalf of consumers".

The General Consumer Council welcomed the reduction in prices but said consumers in Northern Ireland were still paying "too much for their energy".

It said it would be "keeping up the pressure to ensure all changes that can be made to the regulatory system to get bills down further and faster are made as a matter of urgency".

(BMcC)