Advice issued to consumers as energy price changes come into effect

We have issued advice for local consumers as energy price changes begin to come into effect.

Electric Ireland, Power NI, Budget Energy and firmus energy have recently announced changes to their tariffs.

Customers of all but one supplier will see their standard tariffs change from 1 April 2023, with the majority of bills increasing. 

This is happening because while wholesale energy prices are coming down, changes are being made to the level of the Energy Price Guarantee (EPG) subsidy from Government.

Peter McClenaghan, Director of Infrastructure and Sustainability, at The Consumer Council explained:

“Wholesale energy prices are coming down. However, from April 1st, Government is withdrawing the additional Energy Price Guarantee support local consumers have been receiving.

This means that some consumers’ bills will not reduce as much as initially advertised and some bills will increase when the updated Energy Price Guarantee rate is applied.

Consumers should consider what their tariff will be after April 1st to ensure they are on the best deal for their needs, as money can be saved by switching suppliers, moving between your existing suppliers’ tariffs, or changing billing method. Consumers on the highest tariffs could save around £600 by switching to the cheapest tariffs in the market.

The same change is not happening in the rest of the UK. This is because we have been receiving a higher level of Government support to make up for the fact that we began receiving assistance a month later. From 1 April Northern Ireland consumers will receive the same level of support as is being provided in GB.

It is essential consumers are given clarity about the price they will pay for their gas and electricity from April onwards. This is particularly important in the current climate, as our research shows most consumers in Northern Ireland are still really worried about home energy prices.”

Our free online Energy Price Comparison Tool, available at www.consumercouncil.org.uk/onlinetools  lets consumers see all available tariffs from all suppliers in one place. Consumers should use this tool regularly to check that they are on the best tariff for their needs, as it is likely that price changes will be announced in the coming weeks.

Our website also contains information on energy efficiency, and an overview of all financial help, grants, and schemes available to help with high energy costs. For further information visit www.consumercouncil.org.uk