“This strange situation is also likely to lead the other local energy suppliers to change their tariffs in the coming days and weeks'
Energy firms have announced price cuts today - but householders won’t see their bills come down thanks to Government intervention money being scrapped.
Regulator John French said: “The reduction to the underlying regulated tariff is a direct result of the recent falls in forward wholesale energy prices, after the huge increases that were seen following Russia’s invasion of Ukraine in February 2022. Unfortunately though, these tariff decreases coincides with the removal of the financial support provided through the UK Government’s Energy Price Guarantee scheme.
William Steele, Director, Power NI Customer Solutions, said: “As prices have continued to fall, Power NI has welcomed another chance to further reduce its underlying unit prices for customers, with our third tariff reduction of the year. Despite this good news, the decision by the UK Government to remove its Energy Price Guarantee support means that unfortunately customers will see an overall increase of 5.1% in prices.
Peter McClenaghan, Director of Infrastructure and Sustainability at the Consumer Council said: “These tariff decreases are welcome news as they indicate a downward trend in wholesale energy prices. However, as the Government subsidy to our bills, the Energy Price Guarantee, is being reduced to zero from July, customers will actually see their bills increase.
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