Q&A: What does the rise in energy prices mean for Northern Ireland?

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Q&A: What does the rise in energy prices mean for Northern Ireland?
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What do energy price rises mean for Northern Ireland? costofliving 💷

How much have energy prices in Northern Ireland risen in the last year?The home heating oil market is not regulated as there are so many different suppliers - there is more competition.

If we take each of the gas suppliers, SSE Airtricity for example which supplies the Greater Belfast area, an annual bill is 142% higher than April 2021 at £1,242.30.Firmus Energy, which supplies towns across Northern Ireland, current average annual bills are 190% higher than April 2021 at £1,504.22. It regulates the prices of three suppliers - two gas companies and one electricity provider Power NI.How are energy prices regulated in England, Scotland and Wales?

Many suppliers have been in financial distress as they have to absorb the increasing cost as they can't raise prices, but when they go bust, it is consumers who ultimately fit the bill.In Northern Ireland, suppliers can announce price increases as and when they need to, as long as it is approved by the Utility Regulator, who scrutinises their costs.

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