The Utility Regulator has published its annual Regulated Entitlement Values Information Paper for the 2024/2025 tariff year following a stakeholder briefing event.
Electricity suppliers in Northern Ireland pay a number of regulated charges, known as Regulated Entitlement Values, which make up a portion of the electricity costs that business and domestic consumers pay through their electricity supplier.
These charges include electricity network related costs and charges coming from the Single Electricity Market (SEM). There are also other elements that make up the end user’s electricity bill, including wholesale energy (which is the largest element), climate change levy (for businesses only), the carbon reduction commitment, supplier charges and VAT.
The information paper details the changes to the Regulated Entitlement Values, which will take effect from 1 October 2024, together with explanations for these changes.
As part of our robust regulation of Northern Ireland’s electricity industry, we review and approve a range of regulated charges that all electricity suppliers must pay. We carry out extensive scrutiny of these charges to ensure that any change in costs, that are then passed through to consumers, are justified.
A number of the regulated charges are increasing for this tariff year, starting on 1 October 2024. The information paper details the changes to the Regulated Entitlement Values, which will take effect from 1 October 2024, together with explanations for these changes.