TWO electricity suppliers in the North of Ireland have announced plans for further price hikes.
Derry-based and the North’s third largest electricity supplier Budget Energy is putting prices up 29% from November 26 – the third rise in a few months.
The company has 96,000 customers across the North of Ireland and said the move reflected rising global wholesale prices.
Meanwhile, SSE Airtricity announced a 9% increase to its residential electricity prices from December 1.
The company had already announced a price rise of 21.8% from October.
Budget Energy had also announced a price rise of 14.9% from July and 18% increase from 8 October.
General manager Paul Kenny said: “We have worked hard to minimise the level of increase by investment in further local renewable generation agreements and other local cost controls, but we are very much aware that any increase will be unwelcome for our customers at this time of year.”
“We will, of course, be reducing our prices as soon as market conditions improve,” he added.
Budget Energy said the increases could mean a rise of around £4.69 per week for standard rate residential key-pad customers (including VAT), subject to usage, and £4.72 per week for standard rate residential bill-pay customers.
SSE has about 162,000 domestic electricity customers in Northern Ireland, giving it a market share of 20%.
Managing Director Klair Neenan said: “The decision to increase our prices has not been taken lightly.
“We have made every effort to delay this announcement as long as we could but unfortunately, as we have seen with other suppliers, sustained increases in wholesale energy costs are driving consumer prices upward.”
These changes are not unexpected – less than two weeks ago the Utility Regulator in Northern Ireland warned that gas and electricity prices could rise significantly before the end of this year.
John French said “unprecedented” increases in international wholesale prices were to blame.
Mr French said consumers could also expect regulated electricity prices to increase by up to 20% in January.
Firmus energy and Click Energy also announced gas and electricity price increases in September.
Tags: