Power NI customers will be relieved at the news of Power NI’s changing prices. What could have been a 60% rise in electricity prices at the start of November has been revealed to be a 10% decrease.
After 18 months of rising prices, this is sure to be a welcome change for Power NI customers. The average electricity bill had been predicted to increase to around £1517 per year, but will now be around £847 instead. This is because the tariff rate that Power NI and the Utility Regulator agreed was a requirement over the oncoming winter will be discounted by the Energy Price Guarantee.
While Power NI customers will be pleased by the announcement, however, electricity prices still remain at an all time high. Power NI have already increased prices by almost 49%—adding £335 to a typical annual bill. So, although the impact of the price cap will be to cushion customers from the full impact of these latest hikes energy bills will remain much higher than last winter.
As well as this, customers with the other electricity suppliers in Northern Ireland will be anxiously waiting to find out what it means for their own bills. All five electricity suppliers brought about double digit increases multiple times during 2022. The Energy Price Guarantee applies to every supplier, so it is essential that the four other electricity suppliers in Northern Ireland inform their customers about changes to prices for the winter period.
The Energy Price Guarantee will remain in place for two years and will continue to support customers during a time when energy prices are likely to remain volatile. And it is important to remember that the guarantee relates to the unit of energy, it is not a set cap…so your exact bill will depend on how much you use.
Switching to a better deal
For those seeking better value often the best option at the moment is to switch. On average people who switch electricity suppliers using Power to Switch have saved on average £143. 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.
Don’t get angry about price rises today and forget about it tomorrow. Take action and switch.
For more information, advice and support on energy issues visit Power to Switch or follow us on Facebook or Twitter.
