Business

Budget Energy to raise its prices

Budget Energy is the latest electricity supplier in the north to announce a tariff hike.
Gareth McKeown

BUDGET Energy is the latest electricity supplier in the north to raise its prices.

The company, which serves more than 60,000 customers in Derry and Belfast, has announced a 10.38 per cent tariff increase, effective from November 29.

It is the firm's second tariff hike this year and is a direct response to "continuing increases in wholesale energy costs and rising network charges”.

The change means that a typical household annual electricity bill will rise by £52, from £545 to £597.

Budget Energy operations director, Ann McEvoy said it was left with no alternative, but to raise the tariff.

"We held prices for as long as we could to help our customers avoid higher bills but due to sustained increases in wholesale costs and rising network charges these have now been reviewed," she said.

Head of energy at the Consumer Council, Richard Williams added:

“Rising energy bills put extra strain on households’ budgets, especially at this time of year due to increased consumption and the financial pressures of Christmas. Where there is competition, whether it is electricity, natural gas or home heating oil, we urge consumers to shop around to get the best possible deal."

Earlier this year the north's largest electricity supplier, Power NI announced a price inflation of 13.8 per cent (almost £70 a year), while Electric Ireland put its bills up by around £64 a year as a result of a 13 per cent tariff increase.

SSE Airtricity, Northern Ireland's largest provider of natural gas and second largest provider of electricity also announced tariff increases, which came into effect on October 1.

Electricity prices jumped by 18.2 per cent for domestic and small business customers in the Greater Belfast area, while gas bills rose by 10.9 per cent, adding an extra £86 and £56 respectively to annual bills.

Established in 2011 and based in Derry and Belfast, Budget Energy is run by Eleanor McEvoy.

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