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15/04/2014
NI Electricity Bills To Drop £10
Northern Ireland bill payers have been told they could see their annual electricity tariff reduced by about ten pounds, following a determination by the Competition Commission (CC).
The determination will see electricity bills reduced by the end of the new price control period in September 2017. It also requires Northern Ireland Electricity (NIE) to refund customers to compensate for any charges resulting from the extension of the previous price control, which was originally due to finish in March 2012 but was continued due to delays in implementation of the new control.
The Competition and Markets Authority (CMA) published the determination today.
NIE is the owner of the electricity transmission and distribution infrastructure in Northern Ireland, typically accounting for 20% to 25% of domestic customers' bills.
"We think we’ve struck the right balance between keeping bills down for customers and allowing for the investment necessary to maintain and improve the network," said Professor Martin Cave, Chairman of the Inquiry Group and CMA Panel Deputy Chair. "Not only will customer bills fall as a result of our determination but they should also receive a refund as a result of the readjusted charges.
"We’ve undertaken a major redesign of NIE’s price control conditions and the new model will provide much greater incentives for the company to avoid unnecessary expenditure and to invest efficiently."
(IT/MH)
The determination will see electricity bills reduced by the end of the new price control period in September 2017. It also requires Northern Ireland Electricity (NIE) to refund customers to compensate for any charges resulting from the extension of the previous price control, which was originally due to finish in March 2012 but was continued due to delays in implementation of the new control.
The Competition and Markets Authority (CMA) published the determination today.
NIE is the owner of the electricity transmission and distribution infrastructure in Northern Ireland, typically accounting for 20% to 25% of domestic customers' bills.
"We think we’ve struck the right balance between keeping bills down for customers and allowing for the investment necessary to maintain and improve the network," said Professor Martin Cave, Chairman of the Inquiry Group and CMA Panel Deputy Chair. "Not only will customer bills fall as a result of our determination but they should also receive a refund as a result of the readjusted charges.
"We’ve undertaken a major redesign of NIE’s price control conditions and the new model will provide much greater incentives for the company to avoid unnecessary expenditure and to invest efficiently."
(IT/MH)
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