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Cut in gas and electricity prices Cut in gas and electricity prices
(about 2 hours 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.
Energy Minister Arlene Foster, said the cuts would benefit all consumers but particularly those who are "most vulnerable". Although she welcomed the news, Energy Minister Arlene Foster said she would like to have seen even bigger price reductions.
Utility Regulator Iain Osborne also welcomed the move and said he would continue to monitor the situation "on behalf of consumers". "I obviously welcome this news today - I think everybody in Northern Ireland will welcome it, but I also think everybody would also liked to have seen bigger price reductions," she 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. "But I'm satisfied that the regulator has looked at the wholesale market, he has looked at the sterling/dollar differential and he has said that he is satisfied that these price reductions are in line with what's going on."
"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''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 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.