The Utility Regulator today welcomed the news that Phoenix Supply Ltd (PSL) is to decrease its tariff by 8.5%. The price decrease applies from 1 April 2012 to domestic PSL consumers.
Commenting on the gas price decrease, Shane Lynch, Utility Regulator Chief Executive said:
“The price reduction announced today is good news for domestic gas consumers in Greater Belfast, especially considering the financial pressures on household budgets. The 8.5% decrease is a direct result of falling wholesale gas costs.
“We strongly believe that the price paid for gas must reflect the actual cost of delivering gas to consumers’ homes and are committed to ensuring energy bills are as low as they can be.
“We will remain vigilant and continue to monitor international wholesale gas prices, and should any significant downward changes occur, we will act quickly to make sure this is reflected in lower gas bills for PSL consumers.”
The tariff review is a consultation process involving the Utility Regulator, PSL, the Consumer Council and the Department of Enterprise, Trade and Investment.
ENDS
For further information, contact Adele Boyle on 028 9031 6343 or 07794 965922.
Q and A document
Briefing paper
Notes to Editors
1. The Utility Regulator is the independent non-ministerial government department responsible for regulating the electricity, gas, water and sewerage industries in Northern Ireland.
2. The price reduction relates to the regulated tariff for domestic and small industrial and commercial customers.
3. The PSL tariff is reviewed biannually with any changes to come into effect in April and October. The price control process also contains provision to review the tariff if the price of wholesale gas changes significantly.
4. Wholesale gas costs make up 50% of the total price domestic consumers pay. The remaining elements of network and operating costs have not increased significantly.