Business

Electricity supplier to pass on cost savings to customers

ELECTRICITY supplier Budget Energy is to reduce charges to domestic customers by 5 per cent from next month.

The reduction comes ahead of an anticipated announcement this week from the north's main supplier Power NI that it will cut bills.

Derry-based Budget Energy said the reduction was the result of "recent cost savings in the business".

The reduced tariffs will apply to existing and new domestic customers from March 10.

The firm said in a statement: "We strive as a company to drive our business forward on what we know the Northern Irish electricity consumer wants - value for money and a top-class customer service, a fair price and the highest level of customer support."

The company was recently named by consumer magazine Which? as the best electricity supplier in Northern Ireland for the second successive year.

Last month the Utility Regulator announced a review of tariffs offered by Power NI and gas bills from SSE Airtricity and Firmus Energy.

It said the review of tariffs would end in February with any changes to bills to take effect from April. Politicians have called for savings made by companies due to the plummeting cost of wholesale energy to be passed onto consumers.

Householders have already benefited from the cost of home heating oil dropping to its lowest level in six years, while the cost of a litre of petrol and diesel has experienced double-digit reductions in recent months. Budget Energy was founded by husband and wife team George and Eleanor McEvoy in 2011.

It now has an annual turnover of £30 million.

The company has around 65,000 customers, making it the third largest supplier in the north.

The firm is working on plans to expand into the Republic.