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| Electricity and gas prices fall | Electricity and gas prices fall |
| (20 minutes later) | |
| The price of electricity is to fall for the second time this year. On Tuesday NIE announced a 5% drop in tariffs, following a 10.8% drop in January. | The price of electricity is to fall for the second time this year. On Tuesday NIE announced a 5% drop in tariffs, following a 10.8% drop in January. |
| The new rates mean a £26 reduction in the average bill. The Consumer Council said it only represented 50p a week and fell short of consumers' expectation. | |
| Also on Tuesday, natural gas supplier Firmus Energy announced a 17.7% reduction in their domestic tariffs. | Also on Tuesday, natural gas supplier Firmus Energy announced a 17.7% reduction in their domestic tariffs. |
| It will mean savings of £96 for customers in the 10 towns they supply. | It will mean savings of £96 for customers in the 10 towns they supply. |
| Northern Ireland Electricity said taken alongside the previous reduction, its latest cut would see bills for "typical electricity users" fall by £89. | |
| Kerstie Forsyth from NIE said the company would continue to pass on savings to customers. | Kerstie Forsyth from NIE said the company would continue to pass on savings to customers. |
| "We did a mid-year review in January because we saw there were some savings there and we passed those back to customers without a delay," she said. | "We did a mid-year review in January because we saw there were some savings there and we passed those back to customers without a delay," she said. |
| "If there is any opportunity, we'll be making another announcement if there are savings to be had." | "If there is any opportunity, we'll be making another announcement if there are savings to be had." |
| Antoinette McKeown, chief executive of the Consumer Council, said that while the price drop was "welcome", savings to the customer would be "negligible". | Antoinette McKeown, chief executive of the Consumer Council, said that while the price drop was "welcome", savings to the customer would be "negligible". |
| "Coming after a 40% reduction in wholesale fuel over the last year and after Phoenix's decision last week to reduce bills by 19%, and Firmus today by 17.7%, consumers will understandably be very disappointed," she said. | "Coming after a 40% reduction in wholesale fuel over the last year and after Phoenix's decision last week to reduce bills by 19%, and Firmus today by 17.7%, consumers will understandably be very disappointed," she said. |
| The Utility Regulator said electricity prices in Northern Ireland had fallen more quickly than in other parts of the UK and the Republic of Ireland. | The Utility Regulator said electricity prices in Northern Ireland had fallen more quickly than in other parts of the UK and the Republic of Ireland. |
| "We have worked hard to make sure that bills reflect the cost of providing electricity to Northern Ireland consumers," said Iain Osborne. | "We have worked hard to make sure that bills reflect the cost of providing electricity to Northern Ireland consumers," said Iain Osborne. |
| "There continues to be volatility in the wholesale energy market, and the Utility Regulator will continue to monitor energy costs and act if necessary to secure lower prices for electricity consumers." | "There continues to be volatility in the wholesale energy market, and the Utility Regulator will continue to monitor energy costs and act if necessary to secure lower prices for electricity consumers." |