The Utility Regulator today announces a review of electricity prices. The announcement follows discussions over the last few weeks between the Regulator and NIE Energy.
Iain Osborne, Utility Regulator Chief Executive, said:
“We have been closely monitoring the changing situation on the wholesale energy market for some time. This has led to discussions with NIE about the impact of decreasing energy costs on tariffs paid by electricity customers in Northern Ireland.
“Following these discussions it is now clear that the time is now right to formally review electricity prices, and that this review should start immediately.
“Because we exist to protect consumers we want to see electricity prices that are as low as possible. But it is also important to stress that there is no guarantee that this review will lead to lower electricity prices.
We want to make sure that any review is robust and thorough so that we can reach a responsible decision on tariff levels.
We do however wish to conduct this review as quickly as possible, and expect to be in a position by mid December to reach a conclusion.”