A 14 per cent hike in electricity prices is on the way for Power NI customers from Saturday, April 1, 2023.
The company is actually reducing its tariffs by 16.2%, but that has been offset by a reduction in government support to customers.
That support was through the Energy Price Guarantee (EPG), which protects customers from price rises by limiting the amount suppliers can charge.
The government said that means a typical household in the North of Ireland household using electricity and mains gas will see their energy bill increase from the equivalent of £1,952 a year to £2,109.
On Wednesday, the Chancellor announced that in Great Britain the EPG will be extended for three months at its current level keeping a typical household bill at the equivalent of £2,500 a year.
However, in Northern Ireland the EPG will become less generous from the end of March.
This is because the scheme was originally introduced later in Northern Ireland than in Great Britain, so Northern Ireland customers got an additional backdated discount.
That extra support will be withdrawn at the end of March.
Power NI say any customers worried about paying bills should contact the company directly.
Mr Steele said Power NI would “ensure the most vulnerable in our society and those who are struggling get the help they need”.
The Consumer Council NI’s Peter McClenaghan said it was likely the other four unregulated electricity suppliers in Northern Ireland will also increase their prices.
“Consumers should consider reviewing their tariff in the coming months to ensure they are on the best deal for their needs, as money can be saved by switching supplier, tariff, or billing method,” he said.
