Energy costs: Northern Ireland's Utility Regulator starts review

Image source, Getty Images

Image caption, The reviews are expected to finish early next month, with announcements shortly after
  • Author, John Campbell
  • Role, 成人快手 News NI economics and business editor

Northern Ireland's Utility Regulator has begun a regular review of prices, which could lead to lower energy costs.

The regulator imposes price controls on the major incumbent suppliers: electricity firm Power NI, SSE gas in greater Belfast and Firmus gas in the so-called Ten Towns network.

They approve maximum tariffs based on service costs and small profit margins.

The reviews are expected to conclude by early September, with announcements to follow soon after.

At the time of the last price review in June, tariffs were cut but consumer bills actually increased because of the withdrawal of the government's Energy Price Guarantee (EPG).

The EPG required suppliers to apply a discount to the price of each unit of gas or electricity to protect consumers from soaring prices after Russia's invasion of Ukraine.

The wholesale cost of energy, particularly gas, has been much lower this year than last year.

Since the end of April a unit of gas, known as a therm, has usually cost less than 拢1 and for a time was less than 60p.

By contrast in the same period last year a therm cost between 拢1.50 and 拢7.