ENERGY firm Open Electric has become the north's cheapest domestic supplier.
The provider has knocked 8.6 per cent off its tariffs putting them at 13.39p per kWh.
The company, which only started last October, said the reduction would take immediate effect.
The firm launched with a promise to reward loyal customers with an annual credit payment as part of a share in its success.
It said the reduction was the result of falling wholesale energy prices which have reduced the cost of producing electricity.
Open Electric managing director Marc Norris said: “We launched into a competitive market with a compelling offer of simplicity, transparency and a pledge to support our loyal customers and we are pleased to be able to announce what is a significant cut in our retail price, which will benefit customers right across Northern Ireland.
“With Open Electric, there are no confusing contract tie-ins linked to temporary discounts. We provide one simple competitive rate and a choice of free billing options. It really is that simple.”
Open Electric describes itself as one of Europe’s first “socially-aware” power suppliers, and has pledged to make "significant donations" to local charity.
Northern Ireland's largest electricity supplier Power NI is currently undertaking a review of its regulated tariffs.
The result of the review, announced by the Utility Regulator, is anticipated this year with any reductions due to come into affect in April.
Although Power NI is the only provider in the north to be subject to price regulation, other suppliers are likely to follow suit if tariffs fall.
