Reduction in electricity prices is welcomed

Craigavon Deputy Mayor, Sinn Fein's Catherine Seeley.
Craigavon Deputy Mayor, Sinn Fein's Catherine Seeley.

Sinn Féin Westminster candidate in Upper Bann, Cllr. Catherine Seeley, has welcomed news from Power NI that it is to cut electricity prices by 9.2% from April 1.

However, the Armagh, Banbridge and Craigavon Councillor,and current Deputy Mayor, said the price reduction should have immediate effect.

Ms Seeley said, “Over the last seven months, we have witnessed an unprecedented fall in the price of crude oil and wholesale gas. This has resulted in a considerable decrease in costs for most electricity generators and supply companies such as Power NI.”

She continued, “The price of electricity through the all-island Single Electricity Market has fallen by around 25% over the last year, yet savings reaching the consumer reflect just over a third of that and don’t take effect until April 1st.

“Suppliers shouldn’t take consumer for granted.”

She added, “In my view, it is unacceptable that this reduction does not take immediate effect. The Utility Regulator should have acted to ensure consumers benefited from the falling world market prices before now. It has been almost a full year since world oil and gas prices began to tumble yet we are only seeing suppliers pass on a portion of the savings to consumers now.”