Power NI has today announced a 10% decrease in prices from November 1 in line with the Energy Price Guarantee (EPG) bill support, provided by the UK Government.
The tariff change follows a review process with the Utility Regulator which concluded that a tariff increase was necessary.
However, with the introduction of the Energy Price Guarantee scheme, which will apply a discount, this means that Power NI customers will see a 10% reduction in their bills from 1st November. This will equate to a saving of £97 for the average customer.
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 regulatory formula.
William Steele, Director, Power NI Customer Solutions, said: “As many customers will already be aware, the UK Government has announced a major intervention into the energy market called the Energy Price Guarantee (EPG). This means that from November 1, 2022, energy bill support will be provided to Northern Ireland residential customers, by reducing the underlying cost of electricity.
“We work hard to keep our prices as low as possible and in these challenging times, despite continued upward pressure on energy prices we have not increased our unit rate for residential customers since July 2022.”
“Although we now must substantially increase our underlying price to reflect the current market, he implementation of the EPG will mean our customers will see a reduction in their billed tariff level of 10%.”
“Further support has also been announced for residential customers and we are working with the UK Government and Northern Ireland Utility Regulator to apply the Energy Bill Support Scheme (EBSS) £400 credit to our customers’ electricity accounts as soon as possible
“We value all our customers, and we remain committed to helping those who are being impacted by the cumulative rise in the cost of living and 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 government, assisting in helping the most vulnerable in our society and those who are struggling.”
Power NI is also continuing to work with customers and charity partners that are impacted by increasing costs, with financial support to around 60 charity partners and community groups across Northern Ireland. That help has taken the form of Keypad top ups; aid to food banks and help for older people.
Power NI continues to engage with the UK Government on an Energy Bill Relief Scheme (EBRS) to financially support non-domestic customers with increasing electricity costs.