The Quarterly Retail Energy Market Monitoring (QREMM) Report for Q1 2023 (which includes the pricing update for semester 2: July to December 2022) is the latest in a series of Utility Regulator reports that provide a range of information about the retail energy market in Northern Ireland.
The QREMM report presents data that we collect as part of the Retail Energy Market Monitoring (REMM) framework. REMM requires network companies and suppliers to submit data on a range of indicators to enhance our transparency around market behaviours and regulatory compliance. We use the information outlined in the report to review the progress and impact of supply competition; build knowledge for regulatory decisions; comply with EU Third Package mandatory requirements on market monitoring; allow other interested stakeholders to understand more readily the activity within our energy markets; and to help promote the interests of consumers.
Highlights from the Q1 2023 report include:
- The semester 2 (July to December) 2022 electricity pricing data is sourced from Eurostat, DESNZ and individual supplier’s submissions under the REMM framework. The pricing data for the period illustrates the following:
- NI domestic electricity prices (26.6 p/kWh) ranked slightly above than the EU median (23.6p/kWh) but lower than RoI (36.2 p/kWh) and significantly lower than the UK (40.4 p/kWh).
- The NI I&C electricity price for the Very Small connections (which represent c70% of I&C connections) was 35.3 p/kWh, which was higher than the EU median (24.9 p/kWh), higher than the UK (26.6 p/kWh) and above RoI (31.8 p/kWh).
- For Large and Very Large I&C customers (c0.02% of connections) NI prices (22.4 p/kWh) were higher than the EU median (17.1 p/kWh), RoI (19.6 p/kWh) and the UK (21.6 p/kWh).
- The semester 2 (July to December) 2022 domestic gas prices in NI were among the lowest in Europe at 10.1 p/kWh. This was lower than the EU median (12.2 p/kWh), UK (12.5 p/kWh) and RoI (13.3 p/kWh).
- Overall electricity switching activity in Q1 2023 decreased from the previous quarter. Domestic customers continue to engage in the market with over c23,000 domestic switches completed during Q1 2023, a switching rate of 2.8%. However, this was a notable decrease when compared to the previous quarter (c39,000). Similarly, the I&C sector saw a decrease in the electricity switching rate from 1.2% in Q4 2022 to 0.9% in Q1 2023.
- In the gas sector, domestic switching in the Greater Belfast area saw c2,700 switches completed during the Q1 2023 (a decrease from c3,300 in Q4 2022). I&C switching saw an increase in switching activity from 0.8% in Q4 2022 to 1.1% in Q1 2023.
Copies of all documents can be made available in large print, Braille, audio cassette and a variety of relevant minority languages if required.