Power NI has announced a 10.3% price cut with effect from 1st April, which sees hundreds of thousands of homes and tens of thousands of businesses across Northern Ireland making significant savings on their electricity costs.
Electricity bills are set to reduce by more than £50 a year on average for the 528,000 Power NI supplied homes and by around £200 for the 31,000 regulated business customers supplied. The reduction has been spurred by lower priced wholesale gas, the main fuel used in electricity generation.
The company, which supplies 67% of local homes, has revealed that with this and previous reductions, a typical Power NI bill will be over £100 lower than it was in 2014.
The Power NI price drop is the biggest cut announced this winter of any Northern Ireland supplier and also sees a typical Power NI bill £91 cheaper than the average ‘big 6’ GB providers, with none of these providers having yet reduced electricity prices this winter.
The reduction will boost the Northern Ireland economy by saving consumers around £40m this year and has been welcomed by the Utility Regulator and Department of Enterprise, Trade and Investment Minister, Jonathan Bell.
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.
“Pay as you go Keypad customers can save even more as we reward customers with free electricity every time they top up £50 or more from our website or free app. This is in addition to a discount off all electricity our Keypad customers buy from us, and is available month after month, year in, year out.
“Bill paying customers can also save more, up to £60 a year, by choosing our online paperless billing option with direct debit, which offers 6% discount off standard rates.
“This means more money in the pockets of householders and with farms and businesses also seeing a similar price reduction, it is good news all round.”
Enterprise, Trade and Investment Minister Jonathan Bell said; “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.”
Business and farm customers
Non-domestic customers on Power NI’s most popular regulated SME business and farm tariffs will also see a similar overall reduction. The decrease will cut around £200 a year off a typical small business on Popular Option with bills of around £525 a quarter. The company also has a very competitive offering in the larger electricity users sector, of which Power NI serves around 12% of the market, with customers being on tailored contracts.