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Electricity will be cheaper this winter
Friday, 4 September 2009
Electricity customers across the province are likely to see their bills slashed by up to 5%.
NIE Energy will announce its new price schedule on September 15, and this newspaper understands it will contain good news for consumers who have been hit hard over the past year.
Company spokeswoman Kerstie Forsyth would not be drawn on specific details, but said the outlook was promising.
“NIE Energy was able to cut electricity prices by over 10% earlier this year,” she said.
“It’s too early to put a figure on our forthcoming electricity price change, but the signs are hopeful.”
Details of lower electricity tariffs, which will come into effect on October 1, will be welcomed by consumers who should see the benefits in their bills from January, when winter begins to bite hardest.
Industry sources have told the Belfast Telegraph that, at the very least, householders can expect a price freeze, with the optimum scenario being a reduction of 5%.
The move follows news of falling prices on the wholesale gas market, which should benefit customers when the Utility Regulator approves energy costs for the coming winter.
Phoenix Gas is set to announce its new tariff on Thursday, with the expectation that householders will see prices reduced by up to 15%.
The situation is in stark contrast to a year ago when the Regulator highlighted a painful scenario as both gas and electricity prices jumped by almost 50%.
But already this year, Northern Irish consumers have seen electricity prices come down by 10.8%, while gas prices dropped by 22% in January.
The Regulator’s office last night said that final figures were still being calculated and no decision had yet been made.
However, the announcements are expected on September 10 and 15 for gas and electricity respectively.
“We are still at the stage of doing a final piece of scrutiny on the proposals,” a spokesman for the Utility Regulator said.
“Once that has been concluded the energy companies will be in a position to make an announcement.”
There is, however, bad news for home heating oil users, as prices — which have already increased by over 20% this year — are moving upwards.
OFTEC Ireland spokesman, David Blevings, said consumers can protect themselves from high fuel bills by filling their tanks ahead of winter.
“The predicted increase is mainly due to an expectation of global economic recovery which has caused volatility in oil markets, with forward crude prices moving higher,” he added
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Come on politicans. Get some competition into the NI electricity market and then we the consumer can switch off en mass to NIE.
5% possible reduction is just a joke. World Gas prices on which NIE said caused a 52% increase to prices in 2008 are back down to 2006 levels so we should see a substantial reduction of up to 40%. Hold my breath, I'd rather stick my finger in a socket!
Oh, if prices do come down for 1 Oct, phone NIE with a meter reading even though your bill may not be due or else you'll be paying the pre 1 Oct higher rate on the electricity you use until your meter reading. Don't be put off if NIE say they can't accept your reading as it's not due......insist. Do they want their pound of flesh?
Posted by mark | 14.09.09, 18:46 GMT
Its the people that pay their bills that suffer..... i'm sure the prices wouldnt rise so much if they hadnt so much debt.... people not registering and stealing electricity and not paying bills... cause they know they wont be cuff off
Posted by lisa | 05.09.09, 00:34 GMT
taking 5% off already grossley over priced electricity prices is hardly slashing prices! talk about sensationalism. the only reason NI is one of the most expensive places on earth for high energy tariffs is that we are stupid enough to accept it and keep paying. i guarantee that a 3 month period of non payment to nie and other energy providers would change the face of energy tariffs here for ever. we are being over charged and its as simple as that.
c'mon norn iron, lets stand up to these money grabbers and bring all energy prices down.
enough is enough
Posted by daniel sloan | 04.09.09, 17:47 GMT
Did Claire McNeilly just copy this straight from the press release or what? The use of language smacks of PR.
Posted by Farrah | 04.09.09, 16:46 GMT
"But already this year, Northern Irish consumers have seen electricity prices come down by 10.8%"
when?
I buy top-ups online and every so often you get a letter telling you prices will go up and you will get a longer code which reprograms your meter for the higher rate, I've yet to get a code which sets it back down to a cheaper rate! I look forward to gtting one in the future but I won't hold my breath!
Posted by RB | 04.09.09, 16:40 GMT
My monthly payments have just gone up by 130%, so 5% drop will hardly be any relief
Posted by Anonymous | 04.09.09, 16:03 GMT
Your breaking news story on the 10% reduction in gas prices quotes a reduction of 0.2% in electricity prices - considerably less than the "likely" 5% in this story. In fact, it's not considerably less - it's downright pathetic. But that's what happens when one company has an unchallenged monopoly.
Posted by Gerry | 04.09.09, 15:44 GMT
Poor oul NIE - ach, never worry for they can always get the money back by charging £67,000 to supply electricity to a pensioner's house.
Posted by andy M | 04.09.09, 13:46 GMT
Too little, too late.
Posted by Centaur | 04.09.09, 12:14 GMT
"it will contain good news for consumers who have been hit hard over the past year."
I welcome any cut. My direct debit payments increased by 300 per cent between last year and this year.
Posted by Ed | 04.09.09, 11:41 GMT
"Slashed" by UP TO 5% in an optimum scenario ? That isn't a price slash, its an insult.
Posted by John | 04.09.09, 10:21 GMT
Slashed = 5%? I Don't think so!
Posted by John | 04.09.09, 09:32 GMT
When is the monoply of electricity supply going to end in Northern Ireland ? For too long the people of NI have had no choice but to stick with these energy companies. We need a choice of supplier. Only then will prices be reasonable.
Posted by Steve | 04.09.09, 09:18 GMT