Power NI, Northern Ireland’s largest electricity supplier, has announced an increase in prices of 27.5% from 1st July 2022.
This is the second price increase Power NI have introduced this year and although expected it will only add further pressure on households already struggling with inflation and the rising cost of living.
Here we look at what this latest increase will mean for energy bills….
What impact will the price increase have?
With Power NI supplying over 461K customers across Northern Ireland, which is around 55% of all homes, it means over 1 in 2 homes will be hit by this latest price rise.
So, what will a 27.5% increase actually mean in terms of higher prices? Well, an average Power NI bill pay customer will see bills increase by £204 to £944 per year*.
And this is the third prise rise announced by Power NI over the last 12 months.
- 1st July 2021: Power NI prices increased by 6.9% adding £40 to the average bill
- 1st Jan 2022: Power NI prices increased by 21.4% adding £131 to the average bill
- 1st July 2022: Power NI prices will increase by 27.5% adding £204 to the average bill
So, if you have been a Power NI customer over the last year, prices including this latest announcement, will have increased by almost 56% adding £735 to an average bill. Off course, it’s important to remember other suppliers have also increased prices, but the fact is switching suppliers could have saved you money.
What Power NI have said
Power NI have said the price increase reflects increased network and market charges that are outside their control and these have been agreed with the Utility Regulator.
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.
“…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.”
Get in touch with your energy supplier
As everyone realises, we are living in uncertain times. All household bills continue to soar and show no sign of easing anytime soon. It’s important to get in touch with your energy supplier to discuss any payment issues or concerns and help manage your account. Even providing an up-to-date meter read can make sure your payments are accurate and up to date.
Finding a better deal
Yes, all suppliers have been increasing prices – but not to the same degree. There is a different of almost £300 between the most expensive and most competitive electricity deal in Northern Ireland. If you are looking to offset the price increase the quickest and easiest way to do so is to compare suppliers and switch to a cheaper deal using on www.powertoswitch.co.uk
At ‘Power to Switch’ we compare all tariffs and deals across all electricity suppliers to save you money. Switching is quick, hassle-free and means you keep more money in your pocket. You don’t even have to tell your old supplier you are leaving.
* From 1st July2022, the typical annual bill for a Power NI customer on the Standard Home Energy tariff, with typical consumption of 3,200 kWh will be £944. Figures are inclusive of VAT.