7.1% Power NI tariff decrease will be offset by end of energy support leaving customers with 5.1% hike
and live on Freeview channel 276
A review of Power NI’s underlying residential unit price has resulted in a 2.4p per unit (7.1 per cent) 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 EPG support, which provided a unit rate discount on energy bills, will be reduced to zero, from July 1, 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 per cent and will take effect from July 1, 2023.
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 remove its EPG support means that unfortunately customers will see an overall increase of 5.1 per cent in prices.”
According to the Consumer Council the typical standard Power NI credit bill will increase by around £49 and Power NI customers with a prepayment meter will see their costs increase by around £48 a year.
The move follows SSE Airtricity’s announcement of a decrease of 12.2 per cent to its gas tariff effective from July 1, 2023 – SSE’s first tariff decrease since April 2020.
Once again as a result of the end to EPG support the typical standard SSE Airtricity credit bill will increase by around £134 and customers with a prepayment meter will see their costs increase by around £136 a year.
Peter McClenaghan, Director of Infrastructure and Sustainability at the Consumer Council said: “These tariff decreases are welcome news as they indicate a downward trend in wholesale energy prices. However, as the Government subsidy to our bills, the EPG, is being reduced to zero from July, customers will actually see their bills increase.
“This strange situation is also likely to lead the other local energy suppliers to change their tariffs in the coming days and weeks. This means it is important that consumers consider whether their current tariff remains competitive.”
Mr. Steele, of Power NI, said: “We continue to work closely with our charity partners and other key 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 says it is continuing to work with customers and charity partners across the North 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.
Details of all help can be found at www.powerni.co.uk/energy-bill-support.