Power NI customers will see their bills drop by 10 per cent from the beginning of November as a result of the energy price cap.
The company was to put prices up by 60 per cent from the start of next month but the price cap will see this increase reversed with prices coming down instead.
The cap, which dictates how much energy companies can charge domestic households for each unit of energy, will apply to all gas and electricity providers in the north from the beginning of November.
To be clear: Power NI has said it "must substantially increase" its underlying price to reflect the market, but the Govt intervention will in practice result in a 10% reduction in current tariff levels for its customers.
— Ryan McAleer (@RyanMcAleerbiz) October 14, 2022
Households in the north are to receive a rebate to bring them in line with customers in the UK who saw the cap applied from the beginning of this month.
In a statement, Power NI said the 10% reduction will equate to a saving of £97 for the average customer.
William Steele, Director, Power NI Customer Solutions, said: "As many customers will already be aware, the UK Government has announced a major intervention into the energy market called the Energy Price Guarantee (EPG).
"This means that from 1 November 2022, energy bill support will be provided to Northern Ireland residential customers, by reducing the underlying cost of electricity.
"Although we now must substantially increase our underlying price to reflect the current market, the implementation of the EPG will mean our customers will see a reduction in their billed tariff level of 10%."
