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Watchdog reveals gas price review Watchdog reveals gas price review
(about 3 hours later)
Northern Ireland's energy watchdog has announced a review of gas prices.Northern Ireland's energy watchdog has announced a review of gas prices.
A 19.2% price increase introduced by Phoenix Gas at the beginning of this month came after a 28% rise five months in April. A 19.2% price increase introduced by Phoenix Gas at the beginning of this month came after a 28% rise five months ago in April.
The Utility Regulator, which approved the new pricing amid much political concern, said it had been monitoring changes in wholesale prices.Chief Executive Iain Osborne said: "The situation has now changed enough to justify a review of the prices." The Utility Regulator, which approved the new pricing amid much political concern, said it had been monitoring changes in wholesale prices. Chief Executive Iain Osborne said: "The situation has now changed enough to justify a review of the prices."
Mr Osborne warned it was "premature to speculate on the outcome and irresponsible to raise expectations of a price cut this winter".Mr Osborne warned it was "premature to speculate on the outcome and irresponsible to raise expectations of a price cut this winter".
'Volatile''Volatile'
Consumers need assurance that all cost reductions in wholesale energy will be passed on as soon as they possibly can Eleanor GillConsumer Council "At this very early stage in the winter, gas wholesale markets are exceptionally volatile, being affected by an indirect link to oil prices but also by many other factors," he said.Consumers need assurance that all cost reductions in wholesale energy will be passed on as soon as they possibly can Eleanor GillConsumer Council "At this very early stage in the winter, gas wholesale markets are exceptionally volatile, being affected by an indirect link to oil prices but also by many other factors," he said.
"These include the weather, concerns about infrastructure breakdowns, geo-political factors, levels of gas in store and prices elsewhere in Europe and the world."These include the weather, concerns about infrastructure breakdowns, geo-political factors, levels of gas in store and prices elsewhere in Europe and the world.
"A premature cut that would have to be clawed back later in the winter is to be avoided.""A premature cut that would have to be clawed back later in the winter is to be avoided."
Mr Osborne said a clearer view of market conditions would emerge by December of how the "key months of January and February" would pan out.Mr Osborne said a clearer view of market conditions would emerge by December of how the "key months of January and February" would pan out.
He said a decision would be made within weeks whether to announce a similar review of the latest electricity price increases, which added almost £150 to the average bill.He said a decision would be made within weeks whether to announce a similar review of the latest electricity price increases, which added almost £150 to the average bill.
"Electricity is a more complex industry and a greater number of factors have to be taken into consideration," he said."Electricity is a more complex industry and a greater number of factors have to be taken into consideration," he said.
Energy Minister Arlene Foster said: "Recent falls in wholesale gas and oil prices have brought changes at the petrol pumps and may have raised consumers' expectations of a reduction in their energy bills.Energy Minister Arlene Foster said: "Recent falls in wholesale gas and oil prices have brought changes at the petrol pumps and may have raised consumers' expectations of a reduction in their energy bills.
"However, gas companies such as Phoenix purchase in advance a large proportion of their gas for the winter period, hence a gas price reduction cannot be assumed.''"However, gas companies such as Phoenix purchase in advance a large proportion of their gas for the winter period, hence a gas price reduction cannot be assumed.''
Eleanor Gill of the Consumer Council said it was important not to raise people's expectations of price cuts.Eleanor Gill of the Consumer Council said it was important not to raise people's expectations of price cuts.
"However, consumers need assurance that all cost reductions in wholesale energy will be passed on as soon as they possibly can," she said."However, consumers need assurance that all cost reductions in wholesale energy will be passed on as soon as they possibly can," she said.