Here’s a rare and blissful piece of news – an electricity supplier is actually slashing their prices!
Power NI, which is one of the most used power suppliers across Northern Ireland, has announced that they plan to cut bills by 14% this October.
According to the company, the reduction comes after an apparent steady supply of coal and gas, allowing electricity prices to be cut slightly. It certainly makes a nice change!
"The cost of generation makes up about 65% of the customer’s bill.” said Stephen McCully, managing director of Power NI, “What we have seen over the last number of months is an easing in gas prices and also coal prices."
“We’ve listened to our customers and we know that great service and better value are more important than ever. So we’re delighted to introduce this price reduction.
“This price cut sees our customers benefiting from lower world fuel costs and savings from our increased efficiencies. So that’s why, with Power NI, you can be assured of better value and great service. I would like to thank our 675,000 customers for continuing to make us their number one choice and to welcome the thousands of customers coming back to Power NI.”
The new reduction, which could save up to £80 on electricity bills, should stay in place for the next year as long as fluctuations in fuel prices don’t go a bit haywire.
Meanwhile, rival energy company SSE is putting their prices up, with predictions forecasting that customers of SSE could see up to a £100 increase on their bills! The current average is around £1,172 paid per year, which will see a rise to £1,274.
It’s really unknown whether other suppliers will decrease or increase their margins, but it depends on the competition from the market and the prices of fuel and any changes that apply to those prices.
Here’s hoping for a reduction!
