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| Airtricity announces 17.8% electricity price increase | Airtricity announces 17.8% electricity price increase |
| (35 minutes later) | |
| Airtricity, Northern Ireland's second biggest electricity supplier, has announced it is increasing prices by 17.8% from 1 July 2013. | Airtricity, Northern Ireland's second biggest electricity supplier, has announced it is increasing prices by 17.8% from 1 July 2013. |
| The move matches that by Power NI, which is raising its prices by 17.8% from the same date. | The move matches that by Power NI, which is raising its prices by 17.8% from the same date. |
| Airtricity said it could not continue to absorb the significant increase in wholesale costs. | Airtricity said it could not continue to absorb the significant increase in wholesale costs. |
| "We very much regret the need to increase our prices," the company's managing director Stephen Wheeler said. | "We very much regret the need to increase our prices," the company's managing director Stephen Wheeler said. |
| "As the utility regulator has pointed out, local prices are vulnerable to the rising energy costs on the international markets and those costs have remained high. | "As the utility regulator has pointed out, local prices are vulnerable to the rising energy costs on the international markets and those costs have remained high. |
| "Airtricity remains committed to offering a fair price for the energy we supply and providing a range of practical and financial support measures for those struggling to pay their bills. | "Airtricity remains committed to offering a fair price for the energy we supply and providing a range of practical and financial support measures for those struggling to pay their bills. |
| "We recognise that this type of electricity price volatility presents significant difficulty for customers in managing their household budget and we would welcome greater stability in the management of regulated tariffs." | "We recognise that this type of electricity price volatility presents significant difficulty for customers in managing their household budget and we would welcome greater stability in the management of regulated tariffs." |
| The company said the average annual increase for households would be £90. | |
| Announcing its price rise last week, Power NI said it was in response to world fuel costs over which the firm had no control. | Announcing its price rise last week, Power NI said it was in response to world fuel costs over which the firm had no control. |
| At the end of 2012 Power NI had 78% of the domestic market, Airtricity had 19%, and Budget Energy had 3%. | |
| The figures for the business market were: Power NI 49%, Airtricity 28%, Energia 12% and Electric Ireland 11%. | |
| As the cost of generation has gone up and down over recent years, all the main suppliers have roughly followed the trajectory of Power NI in terms of their prices. |