Domestic and commerical customers of electricity supplier Power NI are set to enjoy the cheapest charges in more than 15 years as the firm announces a price cut of 10.3 per cent.
From April 1, hundreds of thousands of homes and tens of thousands of businesses across the north will start making significant savings on their electricity costs, the firm said, as falling gas prices enabled it to pass on savings.
In real terms, the cut translates to a saving of around £50 for a typical home and around £200 for thousands of businesses.
“This is the third year in a row we have been able to reward our customers’ loyalty by cutting or freezing prices,” said Power NI chief executive Stephen McCully.
“We announced a similar size price cut this time last year and we will continue to put all our energy into delivering for our customers on price and service.
“This means more money in the pockets of householders, and with farms and businesses also seeing a similar price reduction – it is good news all round.”
The company, which supplies 67% of homes, has revealed that, with this and previous reductions, a typical Power NI bill will be over £100 lower than it was in 2014.
The Power NI price drop is the biggest cut announced this winter of any Northern Ireland supplier and means, the firm added, that a typical Power NI bill is around £90 cheaper than the average ‘big six’ GB providers – though many of them have yet to declare any reductions.
The cut has been welcomed by Stormont Enterprise Minister Jonathan Bell, the Utility Regulator Jenny Pyper and business organisations such as independent retail group NIIRTA.
“I am sure this announcement by Power NI will be welcomed by all their consumers helping both businesses and families save money,” said Mr Bell.
“In fact it is my understanding this is one of the highest price cuts of any that have been announced elsewhere in both Great Britain and the Republic of Ireland.
“These reductions continue to build on a period of electricity price stability and it is particularly pleasing to see that prices paid by domestic and small business customers from April 1 will now be substantially below much of Europe.”
NIIRTA CEO Glyn Roberts said: “This is a positive announcement by Power NI which will be welcomed by our members.
“For too long, the high cost of energy was a significant problem for small traders and it is encouraging that prices are now at their lowest since 2004.”