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Energy bills could fall: watchdog Energy bills could fall: watchdog
(about 12 hours later)
Gas and electricity prices in Northern Ireland could fall in the autumn the utility regulator has said.Gas and electricity prices in Northern Ireland could fall in the autumn the utility regulator has said.
Iain Osbourne said he would be "hopeful" of reduced prices if the cost of wholesale gas and coal remains low.Iain Osbourne said he would be "hopeful" of reduced prices if the cost of wholesale gas and coal remains low.
"We have seen extreme volatility in the markets, so it's too early to know whether they will stay down," he said."We have seen extreme volatility in the markets, so it's too early to know whether they will stay down," he said.
In December Phoenix Gas and NIE cut its prices by 10% and 22% respectively after two big rises earlier in the year. In December, Phoenix Gas and NIE cut their prices by 22.1% and 10.8% respectively after two big rises earlier in the year.
NIE Energy raised prices by 14% in July and by 33.3% in October.NIE Energy raised prices by 14% in July and by 33.3% in October.
Phoenix Gas increased its prices by 19.2% in October, following a 28% rise in May.Phoenix Gas increased its prices by 19.2% in October, following a 28% rise in May.
On Wednesday, Mr Osbourne described these rises as "painful".On Wednesday, Mr Osbourne described these rises as "painful".
He welcomed the payment of £150 to 150,000 people to help them with their fuel costs, and said his office was working on a "sustainable approach to protect vulnerable people in the long-term".He welcomed the payment of £150 to 150,000 people to help them with their fuel costs, and said his office was working on a "sustainable approach to protect vulnerable people in the long-term".