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  • Writer's pictureLove Ballymena

Power NI announces 14.2% tariff reduction for residential customers


Power NI, Northern Ireland’s leading energy company, has today announced that residential customers will not face any further increases to the price they pay for electricity this winter.


Due to a recent reduction in wholesale market costs, the UKGovernment’s Energy Price Guarantee support scheme (EPG) will continue, but with an adjusted level of discount specific to Northern Ireland, for the period from 1 January 2023 to 31 March 2023.

 


In calculating the rate for Northern Ireland, the Government has adjusted the discount rate from the previous two months (November 2022 to December 2022) to take account of the changes from January 2023 across the regulated tariffs in Northern Ireland.

 

Following a review process with the Utility Regulator, the underlying Power NI residential price has decreased by 14.2%. This alongside the continuation of the adjusted EPG discount, has ensured that Power NI residential customers will not see any changes to the price they pay for electricity this winter.

 

Power NI is the only domestic electricity supplier in Northern Ireland who is price regulated, providing customers with anadditional level of safeguarding as tariffs are only adjusted through a regulatory formula.

 


William Steele, Director, Power NI Customer Solutions, said:

 

“We work hard to keep our prices as low as possible during these challenging times and we welcome the continued support that the government’s Energy Price Guarantee (EPG) scheme is providing to domestic customers in Northern Ireland.

 

“The support scheme has been updated with a Northern Ireland specific discount for the period between 1 January 2023 and 31 March 2023, which will ensure that our customers will see no changes in their billed tariff this winter.

 

“We value all our customers and remain committed to helpingthose who continue to be impacted by the cumulative rise in the cost of living. I would ask, for any customers who are worried about paying a bill, please get in contact and we will help you.

 


“As well as working directly with customers, we will continue to work closely with our charity partners and other key stakeholders,to ensure the most vulnerable in our society and those who are struggling get the help they need.”  

 

Power NI continues to engage with the UK Government on an Energy Bill Support Scheme for domestic customers and anEnergy Bill Relief Scheme (EBRS) to financially support non-domestic customers with increasing electricity costs.


Raymond Gormley, Head of Energy Policy at the Consumer Council welcomed today's announcement saying:


“It is welcome news that Power NI have announced a much-needed price reduction for its customers, however, the fact that it is happening at the same time as changes are being made to the EPG Scheme means that consumers won’t see a difference in their bills.



“We know that even with the Power NI tariff reduction and the EPG being rolled out, that so many consumers in Northern Ireland are still really worried about their bills. 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.”


Raymond continued:


“The Consumer Council, working together with the Utility Regulator and energy suppliers, have co-designed a new energy charter which sees gas and electricity suppliers come together to provide households with extra support this winter. In signing up to the charter, suppliers have agreed to contribute to a hardship fund to help consumers financially, and to implement a range of additional measures to help consumers who are struggling with their energy bills.”


The Consumer Council is currently running its ‘save money and energy campaign’ which sets out support and advice to help households save money on their bills this winter by reducing their energy usage through adopting energy efficiency measures.


The advice and guidance, including an overview of all financial help, grants, and schemes that are currently available to consumers, is available at www.consumercouncil.org.uk/costofliving/energy


Consumers can get in touch with the Consumer Council for free independent advice by calling FREEPHONE 0800 121 6022 or by emailing contact@consumercouncil.org.uk.

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