Power NI, one of Northern Ireland’s largest energy companies, has today announced an increase in prices of 27.5% from July 1.
The increase is equivalent to £3.92 a week to a typical household electricity bill.
The tariff change has been approved by the Utility Regulator and applies to domestic customers only.
Power NI says the change is entirely due to the sustained unparalleled price increases witnessed in the wholesale energy markets, which have been impacted by ongoing global issues.
William Steele, Director, Power NI Customer Solutions, said: “We work hard to keep our prices as low as possible and have absorbed costs for as long as we can.
“Regrettably, geopolitical factors outside our control, have resulted in prolonged high costs in the international wholesale energy markets. Like other suppliers we have no choice but to pay these increased costs, which feed into the price of wholesale electricity and have a knock-on effect on tariffs.
“In these challenging times and with such a volatile market, we held off making this change for as long as possible, with this price change not coming into effect until July 2022. As soon as we see an opportunity to reduce prices, we will do so without delay. For any customers who are worried about paying a bill, please get in contact and we can help you.”
“We value all our customers, and we remain committed to helping those who are being impacted by the cumulative rise in the cost of living. As well as working directly with customers, we will continue to work closely with our charity partners and government, assisting in helping those who are struggling. We have worked with government departments providing financial and operational support to help deliver the emergency response fund to the most vulnerable in our society and we are ready to continue to support any future schemes.”