The price increase, which will take effect January 1, 2022, will increase the average annual electricity bill for a typical consumer at the provider’s standard variable rate from £ 610 / year with typical usage to 741 / year
The increase is due to the record high wholesale prices for gas and electricity that suppliers pay for energy.
The new prices have been agreed with the Northern Irish utility, which oversees Power NI’s domestic rates. Power NI serves approximately 450,000 customers – approximately 55% of Northern Ireland’s electricity customers.
This increase only affects the maximum price Power NI can charge. While prices are currently high with all providers, some may save money by switching providers. For more information, see our guide to cheap energy in Northern Ireland.
Why are prices rising?
According to the energy supply authority, it agreed to the price increase due to the massive increase in wholesale energy costs and a huge drop in wind power output.
As part of monitoring Power NI’s prices, costs and profits, the regulator decided to raise the average maximum charge for customers to 23.15p per kilowatt-hour of electricity.
What does Power NI say?
William Steele, Director of Power NI Customer Solutions, said, “We are working very hard to keep our prices as low as possible, but unfortunately, wholesale gas prices have risen rapidly and consistently over the past few months, no choice but to increase them Paying costs that feed into electricity wholesale costs and affect our tariffs.
“In these challenging times and with such a volatile market, we have withheld this change for as long as possible, as this price change won’t come into effect until January 2022. As soon as we see an opportunity to reduce the price, we will do so without delay. “