Two of the main energy suppliers in the North of Ireland have announced price cuts.
SSE, the region’s largest provider of natural gas, will reduce its prices by 22.8%, saving a typical household customer around £320 a year.
Power NI also announced on Friday that its prices will fall by 6.3% – 2p per unit, saving customers £64 per year on average.
New tariffs will come into effect from April 1.
The fresh cut is the fourth consecutive decrease by Power NI.
It previously announced a 7.1% decrease in electricity prices last June, following a review by the Utility Regulator.
This followed a March 2023 announcement that its domestic electricity tariff would be reduced by 16.2% (6.61p per unit).
Colin Broomfield, director of markets at the Utility Regulator, said: “While this is good news for consumers, we recognise that many households and businesses are still struggling with the cost-of-living crisis.”
Raymond Gormley, head of energy policy at the Consumer Council, said the tariff decreases were “welcome news”, indicating a downward trend in wholesale energy prices.
“We work closely with the Utility Regulator and regulated supply companies to help protect and support consumers during price increases and we also ensure that that any cost savings are passed onto consumers as soon as possible during price decreases.
“We know from our research that most consumers in Northern Ireland are still really worried about home energy prices. We urge anyone who is struggling to pay their energy bills or top-up their meters to contact their supplier directly for help and support.”
William Steele, director of Power NI customer solutions, said: “As wholesale prices in the global market have fallen, Power NI has been able to deliver yet another decrease in unit prices for our customers, with our fourth consecutive tariff reduction.
“Despite market volatility we have been able to keep our tariffs below the equivalent GB and RoI average, enabling us to continue to provide stability and delivering hundreds of pounds in savings for local households over the last year.”
Mr Steele added: “We are continuing to work closely with our charity partners and other key stakeholders across our local communities to provide support to those in need.
“We have a range of support available from tariff advice to energy saving tips and account support, so if anyone is worried about paying bills, please contact us directly, we are here to help.”
Andrew Greer, SSE Airtricity general manager said: “I’m pleased to be sharing this good news with our customers today.
“We know energy costs are a primary concern for customers across Northern Ireland, and that wholesale market volatility has impacted households and business so this price reduction will no doubt provide some welcome relief.
“However, we recognise that energy costs will remain difficult for many customers, so, as well as reducing prices whenever we can, we also work with customers to offer additional support and services.”
Despite tariff reductions from suppliers, households have nonetheless faced increases in their bills since last summer.
The government’s Energy Price Guarantee (EPG) formerly meant a typical household’s annual gas and electricity bill had been £2,100, but it expired in June last year.
An announcement about Firmus Energy’s regulated gas tariff will be made next week.
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