Reality of drop in electric prices
As usual, the local Press have accepted PowerNI's statement regarding electricity prices at face value.
Of course, they are right to say that in April 2015 prices fell by 9.2% and so, coupled with the latest cut of 10.3%, prices have fallen by about 20%.
Going back to 2012, however, there is a different picture - especially when oil prices are taken into account.
DateOil PriceElectric price
2012$105fell by 14%
2013$125rose by 17.8%
2015$50fell by 9.2% (in April)
2016$30fell by 10.3%
This represents an overall reduction of about 16% when oil prices have fallen by 75%.
Should the highly-paid regulator not be taking some action to protect the consumer?
Larne, Co Antrim