Power NI 16.2% tariff change coincides with the reduction of Government energy support

This price reduction coincides with the UK Government’s announcement that the rate of EPG is reducing in Northern Ireland from 13.608p/kWh to 3.77p/kWh (excluding VAT) for electricity, meaning that consumer’s bills will increase despite the price reduction announced by Power NI.

As a result, the typical standard Power NI credit bill will increase by around £119 and Power NI customers with a prepayment meter will also see their costs increase by £116 a year.

Peter McClenaghan, our Director of Infrastructure and Sustainability said: “It is welcome news that wholesale energy prices are coming down allowing Power NI to announce a second price reduction for its customers so far in 2023. However, as this is happening at the same time as changes to the level of the Energy Price Guarantee, consumers’ bills will increase.

This strange situation is happening because the additional back-dated EPG support consumers here were receiving is ending. The additional support had been provided because the EPG was introduced later in Northern Ireland.

Due to the change in EPG, it is likely that the other four unregulated electricity suppliers in Northern Ireland will increase their prices, accordingly, meaning that consumers should consider reviewing their tariff in the coming months to ensure they are on the best deal for their needs, as money can be saved by switching supplier, tariff, or billing method.

We know from our pulse survey that most consumers in Northern Ireland are still really worried about home energy prices. We urge anyone who is struggling to pay their energy bills or top-up their meters to contact their supplier directly for help and support.”

Our free online Energy Price Comparison Tool 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.