NI's electricity prices reviewed

The Utility Regulator has said he is reviewing electricity prices in Northern Ireland.

He said the decision followed the downward trend in recent oil, coal and gas prices.

Northern Ireland Electricity raised prices by 14% from 1 July and by 33.3% from 1 October.

The review has been welcomed by Energy Minister Arlene Foster, who said she was confident the regulator "will act in the best interest of consumers".

"There is no guarantee that the review will result in a reduction in electricity prices, as NIE Energy has already bought a significant proportion of its energy requirements in advance, to help ensure price stability.

"However, I am confident that the Utility Regulator will act in the best interest of consumers and pass on any electricity price reductions as quickly as possible," she said.

The Consumer Council's Eleanor Gill said she hoped any price reduction would be passed on to the consumer as quickly as possible.

"Consumers are struggling to keep warm and well and they must see cost reductions passed on quickly through lower bills at a time when every penny counts.

"While this news is welcome, we remain concerned about the underlying system that has resulted in a 52% price increase in our electricity since January this year.

"Consumers here are now left paying on average £114 more per year than those in Great Britain," she said.