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Cut in gas and electricity prices Cut in gas and electricity prices
(20 minutes later)
Electricity and gas prices are to drop in Northern Ireland, it has been confirmed.Electricity and gas prices are to drop in Northern Ireland, it has been confirmed.
Northern Ireland Electricity is to reduce its price by 10.8%, with Phoenix Gas cutting its tariff by 22.1%.Northern Ireland Electricity is to reduce its price by 10.8%, with Phoenix Gas cutting its tariff by 22.1%.
The reductions follow an independent review of gas and electricity prices, instigated by the utility regulator.The reductions follow an independent review of gas and electricity prices, instigated by the utility regulator.
The energy minister, Arlene Foster, said the cuts would benefit all consumers but particularly those who are "most vulnerable".The energy minister, Arlene Foster, said the cuts would benefit all consumers but particularly those who are "most vulnerable".
The Utility Regulator, Iain Osbourne, also welcomed the move and said he would continue to monitor the situation "on behalf of consumers".The Utility Regulator, Iain Osbourne, also welcomed the move and said he would continue to monitor the situation "on behalf of consumers".
"Although some costs are locked in by forward contracts, we have used the remaining flexibility to pass through falls in the wholesale costs of gas and coal," he said."Although some costs are locked in by forward contracts, we have used the remaining flexibility to pass through falls in the wholesale costs of gas and coal," he said.
"This has been an exceptional year for energy prices and I am acutely aware of the difficulties faced by many households. The biggest single factor has been the unprecedented increase in wholesale gas costs.""This has been an exceptional year for energy prices and I am acutely aware of the difficulties faced by many households. The biggest single factor has been the unprecedented increase in wholesale gas costs."
'Too much'
The General Consumer Council welcomed the reduction in prices but said consumers in Northern Ireland were still paying "too much for their energy".The General Consumer Council welcomed the reduction in prices but said consumers in Northern Ireland were still paying "too much for their energy".
It said it would be "keeping up the pressure to ensure all changes that can be made to the regulatory system to get bills down further and faster are made as a matter of urgency".It said it would be "keeping up the pressure to ensure all changes that can be made to the regulatory system to get bills down further and faster are made as a matter of urgency".
NIE Energy had raised prices by 14% from 1 July and by 33.3% from 1 October.NIE Energy had raised prices by 14% from 1 July and by 33.3% from 1 October.
Phoenix Gas had increased its prices by 19.2% in October, following a 28% rise in May.Phoenix Gas had increased its prices by 19.2% in October, following a 28% rise in May.