GAS prices in Northern Ireland could fall by the end of next month with a review of household bills underway.
Energy bills soared across Europe after the Russian invasion of Ukraine a year ago, but wholesale gas prices have dropped dramatically in recent months.
Factors like a relatively mild winter, increased gas imports from Norway and a promise of more from the United States have all eased pressure.
Uncertainty remains, however, as the British Government is reviewing its Energy Price Guarantee (EPG) with any change due to take effect by April 1.
UK natural gas futures have been trading around 125p a therm, the lowest since September 2021 and down 80 per cent from the peak of 800p in March last year.
Northern Ireland’s Utility Regulator is currently reviewing tariffs for Power NI (electricity), SSE Airtricity Gas Supply (Greater Belfast area) and Firmus Energy (Ten Towns).
A spokesperson said: “As part of this review, we will scrutinise all elements that make up final consumer tariffs including wholesale fuel prices. It is expected that these reviews will conclude by early March with any tariff changes to take effect on April 1.”
They added the tariffs would be effected by any change to the EPG scheme.
Raymond Gormley, the Consumer Council’s Head of Energy Policy, said he was concerned about what level of government support would remain.
“The scale of the energy price crisis is unprecedented. While the recent reduction in wholesale prices is welcome, the current price of wholesale gas for delivery next winter remains three times more expensive than normal,” he said.
“Meanwhile the Department for Energy Security & Net Zero (formerly BEIS) are reviewing the level of subsidy provided to consumers under the Energy Price Guarantee (EPG) and a new rate will be effective from April 1. This is worrying, as the Consumer Council estimate that the average Northern Ireland consumer of gas and electricity has saved around £600 in support via this scheme alone, in the past six months.”
Mr Gormley said this meant customers may not experience “significant price reductions” in the short term.
“The Consumer Council takes part in the Utility Regulator’s review of our regulated gas suppliers’ tariffs. In doing so we will continue to ensure our local companies pass on the costs of gas supply fairly."
