Industry

Northern Ireland to increase energy prices by over 50%

Energy prices across Northern Ireland are set to increase exponentially with customers expected to pay around four times what they pay now.

 

The announcement was made by Firmus Energy, one of the major energy suppliers in the region, and will see prices rise by 56.3%, the largest increase for residents in Northern Ireland.

 

“As announced recently by the Northern Ireland Utility Regulator, continuing increases in global wholesale gas prices are impacting the tariffs of local energy suppliers,” the energy firm said in a statement as quoted by ITV News.

 

“As a result of these unprecedented global prices, Firmus Energy is being forced to announce increase to its natural gas tariffs in the Greater Belfast Network and Ten Towns Network area by 53.6%. This increase will take effect from 3 October 2022,” the statement added.

 

The price hike follows similar rises across the UK as energy regulator Ofgem announced last month that the energy price cap in England, Scotland and Wales would rise to £3,549 in October.

 

In Northern Ireland, however, customers pay a regulated tariff – a contract signed between the local government and the Utility Regulator. Those residing in Belfast will pay an additional £2,393 whilst those living elsewhere in the region will pay £3,150.

 

“Consumers who are worried about the impact of these higher prices should always contact their electricity or gas supplier in the first instance, to make them aware of their circumstances, and discuss the options available to them,” chief executive of the regulator, John French, said in a statement.

 

Residents unable to pay their energy bills have been advised to reduce their energy costs through efficient energy saving methods and to save money so as to cover the oncoming energy costs in winter.

 

Source: Anadolu Agency