Lower prices for gas and electricity

Lower prices for gas and electricity

The cost of gas and electricity is set to fall as regulated suppliers review their costs.

Power NI started to examine its tariff before Christmas. It's understood that the company which has over half a million domestic customers will announce its new prices in February. They will come into effect at the beginning of April.

Last year the company cut its rates by just over 9 per cent. Changes in wholesale and other costs, an industry source suggested, would probably justify a similar level of cut this year. If implemented that would bring the typical household bill down to around £475 a year.

SSE Airtricity which has around 200,000 domestic customers is also cutting its tariff. The new prices will come into effect on January 11. However the planned reductions are expected to be much more modest. That said SSE Airtricity already offers some of the lowest rates on the market leaving it limited scope for further reductions.

It's not known what the other power suppliers are planning but it would be surprising if some do not react to the changes being announced by Power NI and SSE Airtricity.

Regulated gas tariffs are also being reviewed. The suppliers involved are SSE Airtricity in the Greater Belfast Area and firmus energy outside of the main conurbation.

However it's understood the cuts coming in gas prices will not be on the same scale as the one being planned by Power NI in electricity.

Last updated on 11/05/2016

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