Power NI announces price cut in excess of 10%
Energy supplier Power NI has announced a price cut in excess of 10%.
The company said electricity bills are set to fall by more than £50 a year on average for the 528,000 Power NI supplied homes and by around £200 for its 31,000 regulated business customers.
The supplier, which provides electric to two thirds of homes in Northern Ireland, said the cut had been prompted by lower wholesale gas prices, the main fuel used in electricity generation.
The price changes come into effect on April 1.
Stephen McCully, managing director of Power NI, said: "This is the third year in a row we have been able to reward our customers' loyalty by cutting or freezing prices. 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."
Stormont's Enterprise, Trade and Investment Minister Jonathan Bell added: "I am sure this announcement by Power NI will be welcomed by all their consumers helping both businesses and families save money.
"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 1 April 2016 will now be substantially below much of Europe."