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  • Writer's pictureLove Ballymena

Power NI announces cut to electric price but changes to Government EPG mean prices will rise

Power lines

 

 

Power NI has today [2 June] announced that a review of its underlying residential unit price has resulted in a 2.4p per unit* (7.1%) decrease, due to a fall in wholesale market costs.


This is Power NI’s third tariff decrease in 2023. The UK Government however has announced that their Energy Price Guarantee (EPG) support, which provided a unit rate discount on energy bills, will be reduced to zero, from 1 July 2023.

 

For Power NI residential customers, the impact of both these changes is an average tariff increase of 1.5p per unit* or 5.1% and will take effect from 1 July 2023.

 


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

 

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

 

“As prices have continued to fall, Power NI has welcomed another chance to further reduce its underlying unit prices for customers, with our third tariff reduction of the year. Despite this good news, the decision by the UK Government to removeits Energy Price Guarantee support means that unfortunately customers will see an overall increase of 5.1% in prices."

 


William Steele continues:

 

“We continue to work closely with our charity partners and otherkey stakeholders to ensure the most vulnerable in our local communities get the help they need. If anyone is worried about paying bills, please contact us directly, we are here to help.”

 

Power NI is continuing to work with customers and charity partners across Northern Ireland that are impacted by increasing costs. That help has included Keypad top-ups; aid to food banks and help for older people, as well as supporting local community groups.

 


Power NI also helps customers to save money through a range of discounted payment schemes and services. Bill paying customers can save up to £60 a year through online billing and monthly Direct Debit. Pay as you go Keypad customers get uncapped discounts, as well as free electricity when topping up £50 or more using the free Power NI app or via the website. Power NI customers can top up from the comfort of their own home, with our free app, online or by calling our self-service 24/7 telephone line on 03457 455 455.


Details of all help can be found at www.powerni.co.uk/energy-bill-support


 

 

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