Power NI has today, 16 March, announced that a review of its underlying residential unit price has resulted in a 6.61p per unit* (16.2%) decrease.
This is due to a fall in wholesale market costs. However, the UK Government’s Energy Price Guarantee (EPG) Scheme support will reduce by 10.33p per unit* and this will result in overall tariffs increasing by 3.72p per unit* or 14%. The new residential electricity unit price will be effective from the 1st April 2023.
Power NI is the only domestic electricity supplier in Northern Ireland who is price-regulated, providing customers with an additional level of safeguarding, as tariffs are only adjusted through a Utility Regulator validated formula. This is the second Power NI underlying tariff reduction in 2023.
The UK Government has announced it is reducing the level of Energy Price Guarantee (EPG) support given to all domestic customers in Northern Ireland.
William Steele, Director, Power NI Customer Solutions, said:
“A decrease in wholesale energy prices has enabled Power NI to again reduce its underlying unit price. However, the recent change by the UK Government to its Energy Price Guarantee means that a lower level of scheme discount will be applied to all electricity bills. Unfortunately, this means customers will see a 14% increase in prices.
William Steele continues:
“We understand that some customers may be worried about paying bills. We would ask for any concerned customers to contact us directly and we will help you.
“As well as working directly with customers, we will continue to work closely with our charity partners and other key stakeholders, to ensure the most vulnerable in our society and those who are struggling get the help they need.”
Power NI helps customers save money through a range of discounted payment schemes and services. Bill paying customers can save up to £60 a year through online billing and monthly Direct Debit. Pay as you go Keypad customers get uncapped discounts, as well as free electricity when topping up £50 or more using the free Power NI app or via the website. Power NI customers can top up from the comfort of their own home, with our free app, online or by calling our self-service 24/7 telephone service on 03457 455 455 (Mon-Fri, 9am-5pm). Details of all help can be found on our Energy Bill Support page.
Power NI is also continuing to work with customers and charity partners that are impacted by increasing costs, with financial support to around 65 charity partners and community groups across Northern Ireland. That help has taken the form of Keypad top ups; aid to food banks and help for older people.