HOUSEHOLDS in the North of Ireland are set to be hit with energy price increases which are set to take effect here this weekend.
Budget Energy, Click Energy, Power NI, Electric Ireland, Firmus Energy, and SSE Airtricity are all set to raise their prices in forecasted increases.
Peter McClenaghan from the Consumer Council said it means all but one energy company will apply large price increases – which will “heighten the cost-of-living pressure”.
It comes as British Prime Minister Liz Truss confirmed households here will get a £400 energy support discount in November, which will be backdated to October 1.
It’s the same date when households in Great Britain receive their electricity bill discounts.
The scheme will be administered by the energy companies. Speaking to the BBC, Mr McClenaghan said it will be drawn down as a credit by customers.
On Friday, he said: “This is when the rubber hits the road and it’s really quite worrying.”
Gas bills are set to be about £1,000 higher than the three-year average and electricity will be around £750 more on average.
He advised customers to compare tariffs and said it’s still possible to save £1,000 by switching. Around 10% of people are currently on the worst deal available on the market.
It’s not “ideal” the payment doesn’t cover heat but people should use the money they save on electricity to put towards other energy payments, Mr McClenaghan said.
A new Energy Price Guarantee (EPG) will apply from October 1, replacing the £1.971 price cap that applies now.
It freezes bills on average at £2,500 – but that’s just the typical energy bill.
Mr McClenaghan said the £2,500 figure is not a cap, it’s an estimate.
“The way this works is you get a discount on your unit rate, if you’re paying 50p for a therm, that will be discounted back down.”
To receive the expected £400 payment, pay as you go customers will need to top up their meter by £5, after which the extra credit will be applied – taking up to three payments to receive the full credit.
The Consumer Council continues to advocate on behalf of oil customers who are only set to receive a £100 payment.
Mr McClenaghan said it’s “not sufficient”. “Heating oil at the moment – is double the three year average,” he said.
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